Which of the following statements is a positive economic statement?
A. The number of families living in poverty in the United States is too high.
B. Government programs to help the poor are just making problems worse.
C. One in every five children in the United States is living in poverty.
D. The government should eliminate poverty in the country.
Answer: C
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Growth in GDP systematically understates the growth in national well-being because
A. ecological costs are netted out of GDP. B. “bads” as well as “goods” get included in GDP. C. investment is not included in GDP. D. as a country gets richer, leisure time increases.
Refer to Table 13-1. What portion of the marginal revenue of the 5th unit is due to the output effect and what portion is due to the price effect?
A) output effect = $1.50; price effect = $2.00 B) output effect = $5.50; price effect = -$2.00 C) output effect = $3.00; price effect = $0.50 D) output effect = $4.00; price effect = -$0.50
"Trade raises the economic well-being of a nation in the sense that the gains of the winners exceed the losses of the losers.". This statement is correct for a nation that exports manufactured goods, but it is not correct for a nation that imports manufactured goods
a. True b. False Indicate whether the statement is true or false
Kim has $24 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class $3. The total utility from each of these activities is set out in the table below. What is Kim's total utility maximizing point?
fig17.PNG A. 2 movies, 2 yoga classes B. 1 movie, 5 yoga classes C. 3 movies, 0 yoga classes D. 0 movies, 8 yoga classes