The statement "government should provide affordable health care coverage for every member of society" is:
A. a statement that everyone agrees with.
B. a positive statement.
C. a statement that everyone disagrees with.
D. a normative statement.
Answer: D
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In the figure above, Joe is producing at point A. Joe's opportunity cost of producing one shirt is
A) 5/3 of a pair of pants per shirt. B) 3/5 of a pair of pants per shirt. C) 5 pairs of pants per shirt. D) 2 pairs of pants per shirt.
A key difference between recessions and depressions is that recessions are: a. longer than depressions
b. more severe than depressions. c. accompanied by price increases, while depressions are accompanied by price decreases. d. shorter and less severe than depressions. e. accompanied by price decreases, while depressions are accompanied by price increases.
Perfectly competitive markets:
A. tend to have relatively few sellers. B. are more of an idealized model economists use than a real-life occurrence. C. tend to have relatively few buyers. D. are the most common type of market in the United States.
The productivity curve of the country Britania is given to be P. Currently the combination of physical capital per worker and real GDP per worker of Britania is at point A on the productivity curve. There are two other countries in the region, Zstan and Kryptan. These countries are similar to Britania in many aspects including technology, the level of education of the workforce and the supply of natural resources. However, Zstan has a higher savings rate than Britania while Kryptan has a lower savings rate.
What will be an ideal response?