There is great concern over the idea that citizens should have to provide specific identification to be able to vote in elections. A study of the costs and benefits of implementing a voter identification program is an example of
A. positive economics.
B. laissez-faire economics.
C. normative economics.
D. labor economics.
Answer: A
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Why do firms tend to experience decreasing returns to scale at high levels of output?
A) Firms face more problems with coordinating tasks and communications among managers and workers at very high levels of output. B) Government tax policy tends to discourage large-scale production operations. C) Firms face fewer problems with inventory management and marketing as output reaches very high levels. D) Firms tend to use more capital and less labor at higher levels of output.
If the U.S. dollar depreciates, it becomes cheaper for U.S. residents to travel in foreign countries
a. True b. False
The law of comparative advantage explains which of the following?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1) The short-run aggregate supply curve is vertical and the long-run aggregate supply curve is horizontal. 2) The short-run aggregate supply curve shifts to the left when nominal wages rise in response to price level increases. 3) In the extended AD-AS model, the long-run aggregate supply curve is vertical. 4) Demand-pull inflation and cost-push inflation are identical concepts because both involve lower unemployment rates and rising prices. 5) The Phillips Curve suggests an inverse relationship between increases in the price level and the level of employment.