Which of the following is an example of a positive economic statement?
A) The unemployment rate last month was 5.4 percent.
B) The unemployment rate last month was too high.
C) Because of the high unemployment rate last month the government should increase government spending.
D) The unemployment rate should be measured differently because it doesn't include students who can't find jobs.
A
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The most important determinant of price elasticity of supply is
A) the number of close substitutes there are for the good. B) the time period firms have to adjust to the new price. C) the price of the good. D) the importance of the good in the budgets of consumers.
The difference between an international corporation and a multinational corporation is that the international corporation
a. produces in North America while the multinational corporation produces worldwide b. sells its products in North America while the multinational corporation sells its products worldwide c. sells only products while the multinational corporation sells products and services d. produces only in the home country while the multinational corporation produces in two or more countries e. exports goods and services while the multinational corporation imports goods and services
Why is a monopolist's marginal revenue less than the price?
What will be an ideal response?
Determining whether a good is a merit good is:
A. best done using economic theory. B. an objective exercise. C. a subjective exercise. D. best left to economists.