In the long run:
A) all factors of production are fixed.
B) only some inputs of a firm can be changed.
C) all firms earn positive economic profits.
D) all factors of production can be changed.
D
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Refer to Figure 5-8. Suppose the emissions reduction target is currently established at 8 million tons. What is the area that represents the cost of eliminating an additional 1 million tons?
A) A + B B) A + B + C C) B + C D) A
A falling dollar makes U.S. goods
A) more expensive abroad and increases the volume of U.S. exports. B) less expensive abroad and increases the volume of U.S. exports. C) less expensive abroad and decreases the volume of U.S. exports. D) more expensive abroad and decreases the volume of U.S. exports.
Positive economics is a(n):
a. reflection of a country's values. b. judgment of the correctness of an economic outcome. c. statement of fact. d. analysis of what ought to be. e. analysis of all the good market outcomes.
Free trade benefits the nation as a whole but may hurt specific industries and workers.
Answer the following statement true (T) or false (F)