A(n) ______ statement is an objective, testable statement that describes what happens and why it happens
a. positive
b. normative
c. negative
d. analytical
a. positive
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All else constant, there is an inverse relationship between the price elasticity of demand and the marginal revenue resulting from a decrease in price
Indicate whether the statement is true or false
An early frost in the vineyards of Napa Valley would cause a(n)
a. increase in the demand for wine, increasing price. b. increase in the supply of wine, decreasing price. c. decrease in the demand for wine, decreasing price. d. decrease in the supply of wine, increasing price.
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $4, and Winnie maximizes his profit when he employs 3 workers, the wage rate is
A) $25 per day. B) $30 per day. C) $70 per day. D) $50 per day.
Suppose the government borrows to purchase military ammunition which is immediately used up in target practice. The rate of return on this investment is ________, and in this case the government debt ________ a burden on future taxpayers
A) r, is not B) r, is C) 0, is not D) -r, is not E) -r, is