In the United States in 2014, more people were classified as being not in the labor force than being employed
Indicate whether the statement is true or false
FALSE
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Positive statements are: a. prescriptive, making claims about how the world ought to be. b. descriptive, making claims about how the world is
c. optimistic, putting the best possible interpretation on things. d. affirmative, justifying existing economic policy.
In international trade, dumping refers to
a. producing a lower quality good for export than what is produced for domestic consumption b. selling an export at a higher price than its price to domestic consumers c. selling an export at a price below its cost of production d. producing a lower quality good for domestic consumption than for export e. paying workers below subsistence wages
Which of the following government programs will create a surplus?
A. rent control B. the minimum wage law C. usury laws D. price controls on oil
The advantage of an isoelastic demand curve is that:
A. both price and income elasticities are constant along the curve. B. income elasticity is constant and price elasticity changes along the curve. C. price elasticity is constant and income elasticity changes along the curve. D. both price and income elasticity change along the curve.