"Smokers are more likely to be murdered than nonsmokers." This statement is an example of:
A) the fallacy of unintended consequences.
B) a positive economic statement.
C) a normative economic statement.
D) a value judgment.
Ans: B) a positive economic statement.
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The highest form of competition is called
a. arbitrage. b. monopolistic competition. c. equilibrium. d. perfect competition.
At an output of one, variable cost is the same as __________.
Fill in the blank(s) with the appropriate word(s).
Corporations have a separation and control problem because
A) owners and managers frequently have different incentives. B) most of the profits are reinvested. C) the shareholders control the firm. D) taxes are paid only by the board of directors.
Our balance on current account was about minus $_________ billion in 2009.
A. 300 B. 420 C. 540 D. 660