An editorial in the paper argues that a person only should be allowed to attend school if the marginal cost of educating that person is less than the marginal benefit of educating that person. The writer's reasoning is an application of:
A. positive economics.
B. normative economics.
C. negative economics.
D. economic naturalism.
Answer: B
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Unions became much less effective in the 1990s because of
a. greater competition in domestic markets. b. increased foreign competition. c. downsizing by American firms. d. All of the above are correct.
Economists define the unemployed as individuals who are:
A. not currently working. B. not currently working but are actively looking for work. C. working but looking for a different job. D. working less than their desired amount of time.
Assuming demand is a straight line, the equation of the inverse demand curve is represented as
A. P = a - bQd. B. Q = a - bPd. C. P - Qd = a + b. D. Qd = a + bP.
The increasing wage inequality in the United States is between ________ workers and ________ workers.
A. old; young B. highly-skilled; unskilled C. service-sector; industrial-sector D. male; female