Stephanie listens to rap music because her friends do. This is
A) a positive-sum game.
B) collusion.
C) positive market feedback.
D) negative market feedback.
Answer: C
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If a firm is able to convert every dollar of consumer surplus to economic profit, the firm has achieved
A) discrimination among units of a good. B) discrimination between groups of buyers. C) perfect price discrimination. D) perfect cost minimization. E) the normal amount of economic profit.
China runs a current account surplus with the United States. Which of the following must be true about China's balance of payments with the United States?
A) Its net exports must be negative. B) It must run a financial account deficit. C) Its balance of payments must run a deficit. D) Its balance of trade must be in deficit.
Supply-side economists
a. focus almost exclusively on the supply-side effects of changes in the money supply. b. did not devote much attention to the supply-side effects of changes in income tax rates since the marginal income tax rate is very low and pertained only to the relatively wealthy. c. argued that cuts in marginal tax rates had very favorable supply-side effects. d. argue that government spending is at least as important as tax rates.
A positive economic statement simply describes what is
a. True b. False Indicate whether the statement is true or false