Mainstream economists support
A. elimination of efficiency wages and insider-outsider relationships.
B. the use of fiscal policy for achieving major economic goals.
C. adoption of a monetary rule for increases in the money supply.
D. the requirement that the government annually balance its budget.
Answer: B
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Which of the following is true regarding a normative statement?
i. It uses the ceteris paribus assumption. ii. It is a value judgment. iii. It accounts for opportunity costs. A) i and iii B) ii and iii C) i only D) ii only E) i, ii, and iii
This profit-maximizing (loss-minimizing) firm produces a quantity of about _______ units.
A. 100
B. 80
C. 50
D. 30
Research supports the claim that there are significant compliance costs associated with environmentally friendly production in countries with strong environmental laws, so that there are large incentives for firms to produce in countries with lax environmental laws.
Answer the following statement true (T) or false (F)
If a nail salon hires an additional worker, that worker can service 8 additional customers per day. The average nail service fee is $30. The most the salon would be willing to pay that worker is
A. $8 per day. B. $30 per day. C. $240 per day. D. indeterminate with the given information.