Which of the following is a normative economic statement?
a. Congress should increase the legal minimum wage.
b. An increase in the legal minimum wage would cause unemployment to increase.
c. An increase in the legal minimum wage would cause unemployment to decrease.
d. An increase in the legal minimum wage would lead to more equality in the distribution of income.
A
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The assumption that firms meet the demand for their products at preset prices is the key assumption upon which ________ is built.
A. the supply and demand model B. the basic Keynesian model C. Say's Law D. quantity equation for money
An export is a product
A) produced in a foreign country and purchased by the residents of the home country. B) produced in the home country and sold in another country. C) produced in and sold to the residents of a foreign country. D) produced in and purchased by residents of the home country.
In a simplified circular flow model with no government, in equilibrium, S = I + (X ? IM)
a. True b. False Indicate whether the statement is true or false
As of 2010, per capita GDP in the United States was approximately how many times the world average?
A. 5. B. 7. C. 3. D. 9.