The statement "The unemployment rate for teens is higher than that for adults" is
A) a political statement.
B) a positive statement.
C) a normative statement.
D) an ethical statement.
B
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If a perfectly competitive wheat farmer is maximizing its profit and then increases its output, the farmer's
A) total revenue increases, but total cost rises by more so that the farmer's total profit decreases. B) total revenue decreases and total cost increases, both thereby decreasing the farmer's total profit. C) total revenue does not change but total cost increases, thereby decreasing the farmer's total profit. D) marginal revenue increases, but so does marginal cost, so that the farmer's total profit increases. E) total revenue and total cost both rise, but the effect on the farmer's total profit is uncertain.
Refer to Figure 23-4. Potential GDP equals $500 billion. The economy is currently producing GDP1 which is equal to $450 billion. If the MPC is 0.8, then how much must autonomous spending change for the economy to move to potential GDP?
A) -$40 billion B) -$10 billion C) $10 billion D) $40 billion
Use of real GDP to measure changes in national output from one period to another can be misleading if
What will be an ideal response?
Which of the following is not a viewpoint of the self-interest theory of government?
A. Politicians and bureaucrats pursue their own interests rather than public interests. B. Politicians may have an incentive to gain renown by pursuing a public program the cost of which exceeds its benefits. C. Limitations on taxes and spending are considered as safeguards against the selfish behavior of government officials. D. Government officials are assumed to align their interests with public interests.