Refer to Figure 5-10. What is the value of the net gain to society as a result of subsidizing chicken pox vaccinations?
A) value equal to the area of FEG B) (PE × QE)
C) value equal to the area of QFFGQE D) (PF × QF)
A
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The Federal Reserve System is divided into how many districts?
A) 1 B) 5 C) 7 D) 12
Other things being equal, the effect of a decrease in the price of grapes would be illustrated by
a. a rightward shift in the demand curve for grapes. b. an increase in the quantity demanded for grapes. c. a leftward shift in the demand curve for grapes. d. a decrease in the quantity demanded grapes.
Which of the following describes a situation in which a good or service is produced at the lowest possible? cost?
A) marginal efficiency B) productive efficiency C) allocative efficiency D) profit maximization
What is the difference between a positive statement and a normative statement?
a. A positive statement is contestable; a normative statement is testable. b. A positive statement is subjective; a normative statement is contestable. c. A positive statement is testable; a normative statement is objective. d. A positive statement is objective; a normative statement is contestable.