The headline in the local paper today is "College tuition next fall rise by 6 percent." This statement is an example of
A. a positive statement.
B. an invalid statement.
C. ceteris paribus.
D. a normative statement.
Answer: A
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Russia, Australia, and France have adopted policies to encourage higher birthrates by:
A. Decreasing benefits for single workers B. Penalizing firms with long work hours C. Mandating longer holidays and vacations D. Offering monetary awards for having a child
Economic profit is defined as the difference between revenue and ____
a. explicit cost b. total economic cost c. implicit cost d. shareholder wealth e. none of the above
Under conditions of perfect competition, if any one buyer increases her purchases, the market price
a. rises b. remains unchanged c. falls d. either rises or falls e. will change, but in an unpredictable fashion
Any point inside a production possibilities curve indicates that the economy is using all its available resources and technology
Indicate whether the statement is true or false