"If the United States enters a war with Iran, U.S. output will go down." This statement is an example of
A. a positive statement.
B. an irrational statement.
C. a realistic statement.
D. a normative statement.
Answer: A
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Suppose the price of beef declines by $0.50 per pound at the supermarket. Consumers of beef immediately increase their purchases of beef. This illustrates:
a. the fact that beef is an inferior good. b. the cross-elasticity effect of a price decrease. c. the substitution effect of a price decrease. d. the fact that beef is an economic bad. e. the income effect of a rise in price.
Canada, Mexico, and the United States have:
A) joined together and are operating in what is called a closed-trade area with respect to the European Union. B) developed a currency similar to the euro. C) eliminated many trade barriers among themselves. D) reduced trade among them in order to protect jobs at home.
If a manager adopted both project A and project B simultaneously, the expected value of this joint project would be:ProjectBoom (25%)Recession (75%)A$30-$15B-$15$20
A. $7.50. B. $11.25. C. $0. D. ?$3.75.
There exist only two causes of monopoly: barriers to entry and government restrictions.
Answer the following statement true (T) or false (F)