"No individual should have less than $20,000 income in the United States in 2017" is an example of
A. a normative statement.
B. a truism.
C. a positive statement.
D. an illogical and refutable statement.
Answer: A
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Is collusion possible in monopolistic competition? Why or why not?
What will be an ideal response?
At the optimal or efficient level of an activity, the activity's marginal benefit must
A) be zero. B) be greater than zero. C) equal the marginal cost of the activity. D) exceed the marginal cost of the activity.
Assume that a perfectly competitive financial market for loanable funds is in equilibrium. Which of the following is most likely to occur to the quantity demanded and quantity supplied of loanable funds if the government imposes an effective interest rate ceiling?
A) Increase/Increase B) Increase/Decrease C) No change/No change D) Decrease/Increase E) Decrease/Decrease
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.