Which of the following is an example of a positive statement?
A. Cats are better pets than dogs.
B. NCAA Football should have adopted a playoff system 10 years ago.
C. An increase in minimum wage results in higher teenage unemployment.
D. No one should be allowed to carry guns into the classroom.
Answer: C
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The value of the y-coordinate of a point in a graph is the length of a line from the point to the
A) origin. B) scalar. C) x-axis. D) y-axis.
The higher wage rate received by garbage collectors to compensate for the lower desirability of their job
a. would not exist in a competitive labor market b. is a compensating wage differential c. is caused by union negotiators d. disappears in the long run e. only applies when the garbage collecting market is an oligopoly
If an economist recommends that the government reduce the tax rate in order to increase tax revenues (based on the Laffer curve), she is implicitly assuming that the economy is currently operating at a point
A) inside the Laffer curve. B) outside the Laffer curve. C) on the upward-sloping portion of the Laffer curve. D) on the downward-sloping portion of the Laffer curve. E) where tax revenues are maximized.
Which of the following would be considered an implicit cost of operating a business?
A) shipping expenses B) Social Security contributions for employees C) the resale value of delivery vans the company owns and uses for its deliveries D) interest payments on a loan