"Unemployment increased in the last month to its highest level in the past ten years." This quote would be an example of:
a. A normative economic statement
b. A positive economic statement
c. The fallacy of composition
d. Post hoc, ergo propter hoc fallacy
b. A positive economic statement
You might also like to view...
A perfectly competitive firm incurs a loss in the short run, if at the profit maximizing level of output:
a. the marginal revenue curve lies below the marginal cost curve. b. the marginal revenue curve lies above the average revenue curve. c. the average cost curve lies below the average revenue curve. d. the average revenue curve lies below the average cost curve. e. the marginal revenue curve lies above the marginal cost curve.
According to Robert Reich, secretary of Labor in the Clinton administration,
a. the identity of American companies is clear, and laws should be written accordingly. b. foreign companies are clearly different from American companies. c. multinational companies have clear bases of operations, which form their identity. d. it is almost impossible to define the nationality of a multinational company. e. identifying the country of origin of a product is almost impossible, but essential for proper regulation.
In which case will the transition from short run to long run involve the shortest chronological time?
a. a service that provides temporary secretaries to companies b. an automobile factory c. a farm d. an electric utility
Since a tariff can increase employment in an industry, the result is a net increase in total surplus
a. True b. False Indicate whether the statement is true or false