Positive statements:
A) imply value judgments must be made.
B) are factual and can be tested.
C) deal with what ought to be.
D) are dealt with primarily in microeconomics.
Ans: B) are factual and can be tested.
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In calculating GDP, economists
A) measure total expenditure as the only true measure. B) can measure either total expenditure or total income. C) measure total income as the only true measure. D) measure total income minus total expenditure. E) measure total income plus total expenditure.
A cottage industry exists in the home-manufacture of ‘country crafts'. Especially treasured are handmade quilts. If the fourth completed quilt took 30 hours to make, and the eighth quilt took 28 hours. What is the percentage learning?
a. 5% b. 6.7% c. 10% d. 100% e. 122%
Which one of the following people would be counted as unemployed in Canada?
A) a person who has been seeking a job for the last six months, but recently gave up looking because he was discouraged by his job prospects B) a person who will be starting a new job in 6 months C) a person who has been laid off for 10 weeks and is not looking for a job because he is waiting to be called back to his old job D) a person who expects to be laid off by the end of the month before next month's survey can be completed E) a part-time worker who repeatedly expresses a desire to become a full -time worker
One of the reasons fewer antitrust cases have been brought before the courts is:
A. union workers have gained more power. B. antitrust laws have been preemptively effective. C. foreign goods comprise a larger share of goods purchased. D. the market is more competitive.