According to the figure above, which point or points correspond to full employment?
A) only point a
B) only point b
C) only point c
D) points a and b
E) points a, b, and c
D
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A positive statement i. makes a statement about how the world operates. ii. is a true statement. iii. can be tested against the facts
A) i and ii B) i and iii C) ii and iii D) i, ii and iii E) i only
Shopping at a warehouse, such as Sam's Club or Costco, allows its members to pay very low prices on the goods and services they buy. Customers who shop at such a store incur:
A. transaction costs because they must be members to shop there. B. no transaction costs because they pay prices that are lower than any other location. C. transaction costs because they must buy a product in bulk. D. no transaction costs because members can return any item purchased for any reason.
Which of the following most accurately describes the changes in the heights of adult, white males?
a. Since 1700, heights have increased steadily. b. There were small cyclical changes in height until about 1900, and since then heights have increased very rapidly. c. During the history of the US heights have been relatively constant. d. Height increased substantially until shortly after the Civil War, and has been relatively stable since then.
If a small change in price will lead to an infinite change in the quantity demanded, then the demand curve is: a. Perfectly elastic
b. Perfectly inelastic. c. Downward sloping. d. non-linear