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Which of the following represents a positive economics statement?

Select the correct answer(s).  

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a very higher income tax rate will reduce the amount of time that people spend working. It will also lead to a higher level of underground economy.

a decrease in tax rates is needed to help the poor.

we should raise the standard of living for the elderly.

teenage unemployment should be reduced.

none

Which of the following is the best example of a nonrenewable resource?

Select the correct answer(s).  

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clean air.

crude oil or natural gas.

fish in the ocean.

forests.

none

An economic theory claims that a rise in gasoline prices will cause gasoline purchases to fall, Ceteris paribus. The phrase "Ceteris paribus" means that:

Select the correct answer(s).  

(0/0)

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the theory is widely accepted but cannot be accurately tested.

the gasoline prices must first be adjusted for inflation.

consumers' need for gasoline remains the same regardless of the price.

other relevant factors like consumer incomes, population, etc. must be held constant.

none

The statement, "Violent crime (statistics show) has decreased in the last five years," is:

Select the correct answer(s).  

(0/0)

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both a positive & normative eco statement.

normative eco statement

none of the above.

positive because it is testable.

none

A tractor is an example of which of the following factors of production?

Select the correct answer(s).  

(0/0)

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labor.

entrepreneurship.

land.

capital.

none

Which of the following is a resource or factor of production?

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land

labor

capital

all of the above

entrepreneurship

none

Human wants:

Select the correct answer(s).  

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only apply to necessities.

can be completely satisfied by advancing technology.

exist only if we are selfish.

are unfilled only in the poorer countries of the world.

Are unlimited.

none

Scarcity:

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is a problem that exists in every economy.

is not a problem for the very rich.

can be solved by rapid advances in technology.

is a problem only in the poorer countries of the world.

none

Which of the following is the best example of a microeconomic topic?

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the tradeoff between inflation and unemployment.

the analysis of Ford Motors’ competitiveness in the automobile industry.

the effect that federal budget deficits have on the interest rate.

the impact that the money supply has on inflation.

none

The branch of economics that focuses on decision making for the economy as a whole is called:

Select the correct answer(s).  

(0/0)

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macroeconomics

positive economics

normative economics

microeconomics

none

Statistics show that an increase in the federal minimum wage causes an increase in unemployment among teenagers:

Select the correct answer(s).  

(0/0)

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is a positive economics statement.

none of the above.

is a normative economics statement.

Is a microeconomic statement because it deals with unemployment.

none

Statistics show that an increase in the federal minimum wage causes an increase in unemployment among teenagers:

Select the correct answer(s).  

(0/0)

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is a positive economics statement.

Is a microeconomic statement because it deals with unemployment.

none of the above.

is a normative economics statement.