A positive economic statement
a. contains personal and social value judgments
b. is always a mathematical expression
c. is never used by an economist
d. is proper, provided the advocator is clear the position rests on personal assessment
e. is an unbiased report of the facts of the economy
E
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The estimated cost of automobile jobs saved due to limitations on foreign autos is $105,000 per job. Why is there a cost to saving jobs through protectionism?
What will be an ideal response?
In an oligopoly, there are
A) many firms and barriers to entry. B) many firms and no barriers to entry. C) few firms and barriers to entry. D) few firms and no barriers to entry. E) barriers to entry and only one firm.
In a Cournot oligopoly, the ________ firms in the market, the ________ the equilibrium quantity and the ________ the equilibrium price.
A) less; larger; lower B) less; smaller; lower C) more; larger; lower D) more; smaller; higher
About one out of every ________ black children under the age of 18 is poor.
Fill in the blank(s) with the appropriate word(s).