Suppose y is measured on the vertical axis, x is on the horizontal axis, and the various combinations of x and y are shown by a nonvertical straight line. Which of the following must be true?
a. There is a negative relation between x and y.
b. There is a positive relation between x and y.
c. There is a causal relation between x and y.
d. If the value of x is known, the value of y can be determined.
e. The value of y is independent of the value of x.
D
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"The U.S. government should not use my tax dollars to subsidize people on welfare"
A) is a positive economic statement because it simply describes one person's opinion. B) is a normative economic statement because it involves a value judgment about an economic policy. C) is a positive economic statement because it predicts that my tax dollars will go to welfare. D) is a normative economic statement because it is a scientific fact.
When colonists in Virginia used tobacco as money, their money
a. was commodity money. b. had no intrinsic value. c. was fiat money. d. had no store of value.
The Clinton administration inherited a budget deficit from its predecessor. President Clinton instituted major tax increases that:
A. increased the budget deficit during his entire term. B. brought the budget into balance and eventually into a surplus. C. reduced the budget deficit but increased the federal debt. D. reduced the size of the deficit but could not eliminate it.
The labor market in professional baseball is an example of
A) a bilateral monopoly. B) a monopsonistic labor market. C) a monopolistic labor market. D) a perfectly competitive labor market.