"We should support the market because it is efficient" is an example of:
A. positive economics.
B. objective economics.
C. negative economics.
D. normative economics.
Answer: D
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Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor supplied?
A) 80,000 B) 550,000 C) 630,000 D) 1,180,000
What determines the amount of labor that households plan to supply?
What will be an ideal response?
The horizontal intercept of the intertemporal budget constraint is referred to as
A. the future value of present income. B. the future value of lifetime income. C. the present value of lifetime income. D. the current value of future income.
If the natural rate of unemployment equals 6 percent and the actual rate of unemployment equals 5 percent, then cyclical unemployment equals:
A. ?1.2 percent. B. -1 percent. C. 1 percent. D. 11 percent.