"An increase in the federal minimum wage causes an increase in unemployment among teenagers" is a:
A. statement of positive economics.
B. statement of normative economics.
C. testable value judgment.
D. fallacy of composition.
Answer: A
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One role government can play in addressing market failure is to
A) enforce the rules of exchange. B) facilitate decision making for private goods. C) promote imperfect competition. D) increase economic uncertainty.
Which of the following statements is true?
A) The lower the risk in an investment, the higher is the expected return. B) The higher the risk in an investment, the higher is the expected return. C) The higher the principal amount of an investment, the lower the rate of interest offered on the investment. D) The higher the principal amount on the investment, the higher the rate of interest offered on the investment.
Over the past fifty years, there has been substantial closure of the gap in real GDP per person between which of the following groups of countries?
A) the United States and Central and South America B) Africa and Western Europe C) Central and South America and Africa D) the United States and Japan
When using expert opinion, consumer surveys, test marketing, and price experiments to analyze consumer behavior, managers must consider whether the answers given in these formats represent actual market behavior
Indicate whether the statement is true or false