The statement that "what this nation needs to promote economic growth is a major tax cut" is an example of:
a. Descriptive economics
b. A normative economic statement
c. An economic theory
d. A positive economic statement
Answer: b. A normative economic statement
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Bid-rigging has all of these features EXCEPT
a. It is a collusive agreement b. The bid-riggers pay a smaller amount than without bid-rigging c. Bid-riggers need an auxiliary mechanism to allocate the good within the bid-riggers d. Bid rigging is usually a legitimate and legal strategy for the buyer-side
People who are not currently employed but say they want a job are counted as unemployed only if they: a. have previously held a job
b. are actively seeking employment. c. are discouraged workers. d. are between 16 and 65 years of age. e. are willing to accept any offer of employment.
An increase in the price of one good can cause the demand for another good to increase if the goods are complements.
Answer the following statement true (T) or false (F)
The price at which the quantity supplied equals the quantity demanded is the
A. equilibrium quantity. B. market price. C. satiation point. D. equilibrium price.