Which one of the following is an example of a positive statement?
A) Farmers need some type of government aid.
B) State governments should provide economic assistance to farmers.
C) The federal government should provide economic assistance to farmers.
D) The amount of financial assistance given to farmers is higher this year than it was 10 years ago.
D
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When a firm maximizes its profit, which of the following is correct for firms in monopolistic competition and perfect competition?
A) P = MC for both types of firms. B) P = MR = MC for firms in perfect competition and P > MR = MC for firms in monopolistic competition. C) MR = MC for firms in perfect competition and MR > MC for firms in monopolistic competition. D) P > MR = MC for firms in both perfect competition and monopolistic competition. E) P = ATC always for firms in both perfect competition and monopolistic competition.
The fact that movie star Tom Cruise's salary is much higher than the salary earned by a Nobel prize winning economics professor can be explained by the
a. existence of noncompeting labor markets b. elimination of noncompeting labor markets c. failure of the market to reward talent fairly d. fact that wage rates cannot reflect the influence of education in labor markets e. willingness of some people to accept a lower wage rate in order to do what they like most to do
Do inventions have to be major technological breakthroughs to affect the efficiency of producing goods? Explain
What will be an ideal response?
The issue of Fed independence is most often raised by
A) disagreement over the role the Fed should play in managing monetary policy. B) the Fed's refusal to carry out the wishes of the President. C) the Fed's refusal to carry out the wishes of Congress. D) the public's negative reaction to Fed policy.