The statement "The unemployment rate in the U.S. is 5 percent" is
a. a statement of opinion
b. a positive statement that can be falsified
c. lacking proper microeconomic foundations
d. a statistical anomaly
e. a philosophical difference of opinions regarding the nature and significance of statistical inference
B
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Which of the following generally becomes positive when the value of U.S. exports exceeds the value of U.S. imports?
A) capital and financial account B) the balance of payments account C) current account D) the official settlements account E) the exchange rate
Billy's income elasticity of demand for ground beef is -0.5 and his income elasticity of demand for pork chops is 1.2 . Is ground beef a normal or inferior good? Explain. What about pork chops?
What will be an ideal response?
Under competitive conditions, the relative price of a finite resource would be expected to:
a. rise at an increasing rate. b. rise at a rate equal to the real interest rate. c. rise at a rate equal to the nominal interest rate. d. rise at a rate determined by demand conditions.
The market demand curve in a perfectly competitive industry is horizontal, while the demand curve faced by an individual perfectly competitive firm is downward sloping
a. True b. False Indicate whether the statement is true or false