"An increase in the federal minimum wage causes an increase in unemployment among teenagers" is a:
a. statement of positive economics. b. statement of normative economics.
c. testable value judgment. d. fallacy of composition.
a
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What might cause economies of scale?
If the punishment is ________, or the likelihood of getting caught is ________, the cost associated with breaking a ban may not be high enough to change the trade-off that consumers face.
A. not severe; high B. not severe; low C. severe; high D. severe; low
The rational expectations hypothesis is based on all the following assumptions EXCEPT
A. use of knowledge of effects of past policy actions. B. understanding of how the economy operates. C. understanding that prices are sticky. D. use of judgment about effects of future policy actions.
The aggregate demand curve is:
A. Vertical. B. Horizontal. C. Downward sloping to the right. D. Upward sloping to the right.