Economists speaking like policy advisers make
a. positive statements.
b. descriptive statements.
c. claims about how the world is.
d. claims about how the world should be.
d
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Economists believe that most people's actions are rational and purposeful, not random and chaotic
a. True b. False Indicate whether the statement is true or false
Industries which receive government protection from trade pressures are likely to exhibit all of the following except
a) high levels of employment b) low levels of productivity c) a high proportion of unskilled workers d) monopoly power e) comparative advantage
Refer to the table below. The average variable cost of producing 35 units of output is:
A. $6.00
B. $7.43
C. $4.57
D. $1.43
Suppose wages increase but employment decreases. These changes most likely were caused by
A. a decrease in labor demand. B. an increase in labor supply. C. a decrease in labor supply. D. an increase in labor demand.