Which of the following is an example of a positive economic statement?
A. The unemployment rate last month was too high.
B. The unemployment rate should be measured differently because it doesn't include students who can't find jobs.
C. Because of the high unemployment rate last month the government should increase government spending.
D. The unemployment rate last month was 5.4 percent.
Answer: D
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If the wage is below the marginal revenue product, then a profit-maximizing firm will
a. employ more workers b. employ fewer workers c. see an increase in its demand for labor d. see an increase in its supply of labor e. see a fall in its demand for labor
The cross-price elasticity of demand measures
a. how the quantity demanded of one good changes along with income b. the slope of the demand curve c. the slope of the supply curve at the point of equilibrium d. the responsiveness of the quantity demanded of one good to changes in the price of another good e. how responsive changes in price are to changes in quantity demanded
Net foreign factor income is the:
A. income earned from the domestic economy by foreign factors. B. difference between the value of a country's exports and imports. C. income earned abroad by domestic factors. D. difference between the income earned abroad by domestic factors and the income earned domestically by foreign factors.
(Consider This) The implied risk-return point of a Ponzi scheme "asset":
A. lies well above the Security Market Line. B. lies well below the Security Market Line. C. lies far out to the right along the Security Market Line. D. lies at the intercept of the Security Market Line.