16) In the figure above, Point A is undesirable because
A) there is an inefficient use of resources.
B) too much healthcare is being produced.
C) the opportunity costs of health care are too high.
D) point E is a more realistic option in this economy.
A) there is an inefficient use of resources.
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Positive and normative statements differ in that
A) positive statements can be tested, whereas normative statements cannot. B) normative statements can be tested, whereas positive statements cannot. C) normative statements depict "what is" and positive statements depict "what ought to be." D) normative statements never use the word "should."
A major difference between monopolistic competition and perfect competition is the degree of product differentiation. Pure competition has none and differentiation always exists in monopolistic competition
a. True b. False
Based on the redistributive income effects, who "gains" when there is inflation? (2)
What will be an ideal response?
When income is $15,000, the amount of income income taxes owed is $2,000; when income increases to $20,000, the amount owed increases to $3,000. The marginal tax rate in this case is
A. 20 percent. B. 15 percent. C. 13.3 percent. D. 25 percent.