"No individual should have less than $20,000 income in the United States in 2010" is an example of
A) a normative statement.
B) a positive statement.
C) an illogical and refutable statement.
D) a truism.
A
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The above table has the total product schedule for Joe's Barber Shop. Joe charges $6 per haircut. The firm's value of marginal product of labor for the third worker is equal to
A) $264. B) $48. C) $8. D) $6.
Limited personal liability is an advantage for
A) sole proprietorships and partnerships. B) partnerships and corporations. C) sole proprietorships and corporations D) corporations.
The Heckscher-Ohlin model basically states that countries will specialize and trade those goods in which they have comparative advantage
Indicate whether the statement is true or false
Gains from trade are measured by: a. consumer surplus
b. producer surplus. c. the sum of consumer and producer surplus. d. producer surplus minus consumer surplus.