When the president says that "Income inequality is a much more serious economic problem than high unemployment rates," it is an example of
A. an irrational argument.
B. an empirically proven fact.
C. a positive statement.
D. a normative statement.
Answer: D
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Answer the next question based on the following demand and cost data faced by a pure monopoly.Demand DataCost DataPriceQuantity DemandedOutputTotal Cost$2.7533$4.002.50444.502.25554.752.00665.751.75777.75At equilibrium, the pure monopoly will generate_____.
A. an economic profit of $6.50 B. an economic profit of $10 C. a loss of $7.25 D. an economic profit of $4.50
In economics, tangible merchandise is referred to as
A) invention. B) human capital. C) goods. D) services.
Using the information in the table shown, if you were to graph the first two columns, you would have graphed which curve?
This table represents the revenues faced by a monopolist.
A. Marginal revenue
B. Market supply
C. Market demand
D. Total productivity
If savers do not have fixed savings goals, the supply curve of loanable funds will generally be
a. horizontal. b. downward sloping. c. vertical. d. upward sloping.