Bill says: "The imposition of a tax on tequila will increase its price." Bob says: "Taxes should be imposed on tequila because college students drink too much."
a. Both statements are normative
b. Both statements are positive.
c. Bill's statement is normative, and Bob's statement is positive.
d. Bill's statement is positive, and Bob's statement is normative.
d
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The fact that any pareto efficient equilibrium can be achieved through competition by adjusting endowments is called
A) the second welfare theorem. B) the first welfare theorem. C) the third welfare theorem. D) That is not possible.
In the twentieth century what policies helped Taiwan, Singapore, and South Korea grow faster than more developed nations?
a. investment in natural resources b. low levels of saving and high levels of consumption c. investment in human resources and technology d. lax enforcement of property rights
How is the dividing line between poverty and nonpoverty measured? Does this method overstate the degree of poverty?
What will be an ideal response?
The long-run average cost curve may initially slope downward due to
A) decreasing average fixed costs. B) increasing marginal returns. C) economies of scale. D) All of the above.