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Question
Positive economic principles are those that:A. are always correct.
B. are influenced by political ideology.
C. predict how people should behave.
D. predict how people will behave.
Answer
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Related questions
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Refer to the table above. Pat's opportunity cost of the delivery of an extra pizza is the production of _____ pizza(s).A. 12B. 10C. 3/2D. 2/3
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Larry has a comparative advantage in writing a term paper if he: A. can write a paper faster than the other students in class.
B. has an absolute advantage in writing a term paper.
C. always earns an A on his papers.
D. has the lowest opportunity cost for writing a term paper.
Q:
If Scout has an absolute advantage over Dill: A. Scout has more money than Dill.
B. the problem of scarcity applies to Dill, but not to Scout.
C. the problem of scarcity applies to Scout, but not to Dill.
D. Scout can accomplish more in a given period of time than can Dill.
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NAFTA helped ______ to exploit a comparative advantage in the production of goods made by unskilled labor. A. Canada
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Q:
Large developed countries can produce more of practically everything than can small, less developed countries. Which of the following statements is true? A. The large country has no incentive to trade with the smaller country.
B. It would be impossible for the smaller country to have a comparative advantage in making any products that the larger country wants to buy.
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D. Trade between the countries is more likely to benefit the small country and harm the larger country.
Q:
Between the U.S. and Nepal, Nepal invests less in new factories and equipment. This will likely cause: A. Nepal's production possibilities curve to shift outward faster than the U.S.'s.
B. The U.S.'s production possibilities curve to shift inward faster than Nepal's.
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Q:
Which of the following statements is NOT true about specialization? A. Total economic output is larger due to specialization.
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C. Specialization focuses experience and increases comparative advantage.
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Q:
The cost-benefit principle indicates that an action should be taken: A. if the total benefits exceed the total costs.
B. if the average benefits exceed the average costs.
C. if the net benefit (benefit minus cost) is zero.
D. if the extra benefit is greater than or equal to the extra costs.
Q:
Refer to the table above. The Chairman of the Economics Department at What's AMatterU says that fundraisers should be hired as long as their marginal donations exceed their marginal labor costs. Following this criterion, __________ employees are hired and net benefits are __________.A. 1; $22,000B. 2; $25,426C. 3; $25,426D. 2; $3,476
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Q:
Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw? A. The person (explicitly or implicitly) over-estimated the benefits or under-estimated the costs or both.
B. The cost-benefit principle is rarely true.
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Q:
Which of the following questions would not be answered in macroeconomics? A. What caused the great depression?
B. At what rate does the US economy typically grow?
C. Did the sharp increase in gasoline prices alter SUV sales?
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Q:
Which of the following would not be analyzed in microeconomics? A. How to make the largest profit?
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Q:
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Q:
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Q:
Refer to the figure above. What is the price elasticity of supply at point B and C? A. 1/2; 3/4
B. 3/4; 1/2
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An increase in the price of golf clubs from $75 to $125 led to an increase in quantity supplied from 200 units to 300 units. The price elasticity of supply for golf club is _____ so the supply curve is _______. A. 2; elastic
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Q:
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B. the good must be an inferior good.
C. the good must not have any close substitutes.
D. your quantity demanded changed by a movement along the demand function.
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C. its maximum
D. its maximum profit