Which of the following is an example of a positive statement?
a. Workers with families should be paid at least the minimum wage.
b. If crime rates were reduced, the world would be a better place in which to live.
c. Marginal tax rates should be reduced for individuals in the highest tax brackets.
d. An increase in the price of gasoline will cause a reduction in the amount purchased.
e. Corrupt politicians ought to be voted out of office.
D
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The United States charges
A) the same tariff rates on goods from all countries. B) lower tariff rates on goods from countries with most favored nation status. C) low or zero tariffs on goods from certain developing countries. D) Both B and C.
The supply curve for space on a freeway is perfectly vertical at any given point in time
Indicate whether the statement is true or false
To reduce the supply of money the government could:
(a) Reduce interest rates. (b) Buy back government bonds. (c) Sell government bonds. (d) Encourage banks to lend.
When a firm produces a product that creates external costs
A) the firm produces a level of output larger than would be produced without the external cost. B) the firm produces a level of output smaller than would be produced without the external cost. C) the firm produces a level of output which would be the same as it would produce without the external cost. D) the market provides the efficient level of output even with the existence of the external cost.