Refer to Table 9-6. What is the value of $A in stage 1?
A) $100
B) $200
C) $600
D) $800
Ans: B) $200
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The above figures show the market for hamburger meat. Which figure(s) shows the effect of an increase in the number of people who eat hamburger meat?
A) Figure A B) Figure B C) Figure C D) Figures A and C
A feature of Bitcoin, a new type of electronic money, that make it attractive as a medium of exchange is
A) anonymous transactions. B) volatility of value. C) heavy regulations by the central bank. D) wide acceptance by businesses.
Answer the following statements true (T) or false (F)
1. Average variable cost (AVC) is calculated by dividing the change in total cost between two levels of output by the change in output. 2. Many tasks can be performed with a range of combinations of labor and physical capital. When considering long-term costs, physical capital and labor can often substitute for each other. 3. The term diseconomies of scale refers to the situation where the cost per unit goes down as the quantity of output goes up. 4. If the quantity of a certain product demanded in the market is much greater than the quantity found at the bottom of the long-run average cost curve, where the cost of production is lowest, the market will have many firms competing. 5. A perfectly competitive firm can sell as large a quantity as it wishes, as long as it accepts the prevailing market price.
The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains have not kept pace with the 3 percent rate of inflation. The Secretary's statement is a (n) ____ economic statement, and the labor head's statement is a (n) ____ economic statement.
A. normative; normative B. normative; positive C. positive; normative D. positive; positive