Which of the following is a positive economic statement?
A) The standard of living in the United States should be higher.
B) If the price of iPhones falls, a larger quantity of iPhones will be purchased.
C) The government should revamp the health care system.
D) The U.S. government should not have bailed out U.S. auto manufacturers.
Answer: B
Economics
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The income people receive for supplying such things as land, labor, or capital
a. standard of living b. privatize c. economic system d. self-interest e. factor payments
Economics
A market consequence of a price floor program is that:
a. a shortage of the product will develop. b. producers will stop supplying the product. c. some rationing device must then be instituted. d. a surplus of the product will develop. e. there will be an excess demand for the product.
Economics