"An increase in the price of gasoline will increase the demand for hybrid vehicles." This statement is an example of a positive economic statement
Indicate whether the statement is true or false
TRUE
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When Joe's Gas raises its price for regular unleaded gasoline, total revenue from regular unleaded gas falls to zero. It must be the case that
A. there are not many good substitutes for Joe's regular unleaded gasoline. B. the demand for Joe's regular unleaded gasoline is perfectly elastic. C. the demand for Joe's regular unleaded is inelastic. D. consumers are switching to premium grades of gasoline.
Other things the same, a country that increases its saving rate increases
a. its future productivity and future real GDP. b. neither its future productivity nor future real GDP. c. its future productivity, but not its future real GDP. d. its future real GDP, but not its future productivity.
The amount of payment necessary to attract a given productive resource away from its best alternative use is the
a. resource cost. b. opportunity cost. c. overhead cost. d. variable cost.
Normative economic analysis involves
A) true statements of facts only. B) testable hypotheses by scientists. C) value judgments and opinions. D) purely descriptive statements.