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 should have been higher. 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
e. proper; improper
C
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As economists use the term, capital means
a. such things as machinery and equipment. b. such things as money and credit. c. the profits that come from hiring and using labor and natural resources. d. All of these.
Alpha can produce either 18 tons of oranges or 9 tons of apples in a year, while Omega can produce either 16 tons of oranges or 4 tons of apples. Which of the following statements is true? a. Alpha should export to Omega, but Omega should not export to Alpha
b. Since Alpha has an absolute advantage in both goods, no mutual gains from trade are possible. c. If Alpha specializes in growing apples and Omega specializes in growing oranges, they could both gain by specialization and trade. d. If Alpha specializes in growing oranges and Omega specializes in growing apples, they could both gain by specialization and trade.
In a theoretical sense, the "entrepreneurs" at a corporation are its
a. managers b. stockholders c. bondholders d. research and development staff e. boards of directors
Stock