Which of the following is the best example of a normative economic statement?
a. A rise in gasoline prices will cause gasoline purchases to fall.
b. The federal government should spend more on health care.
c. Raising the minimum wage will result in greater unemployment.
d. If more money is printed, then the economy's price level will rise.
b
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The U.S. economy of the late 1920s and early 1930s is typically referred to as ________
A) "The Great Depression" B) "The Great Inflation" C) "The Great Moderation" D) all of the above E) none of the above
Which of the following would be classified as an innovation?
A. Edwin H. Land perfects the single-step photographic process in 1947. B. Polaroid markets the single-step film in 1948. C. Thomas Alva Edison perfects the incandescent lamp with carbon filament in 1879. D. In 1803, Robert Fulton constructs his first small steamboat in Paris.
Consider an industry with two firms producing similar products. Each firm's total cost (in dollars) is given below.Mega Corp: TC = 5,000 + 100QBig Inc: TC = 4,000 + 200QIf each firm produces 10 units, Mega Corp's total cost will be ________, and Big Inc's total cost will be ________.
A. $15,000; $14,200 B. $5,000; $4,000 C. $5,100; $4,200 D. $6,000; $6,000
Usury laws are a form of price __________.
Fill in the blank(s) with the appropriate word(s).