"The government should provide health care for all citizens." This statement is an illustration of:
a. positive economic analysis. b. correlation analysis.
c. fallacy of association analysis. d. normative economic analysis.
d
Economics
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Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If hiring another worker would increase output by three units per hour, then to maximize profits the firm should
A) not hire an additional worker. B) not change the number of workers it currently hires. C) hire another worker. D) There is not enough information to answer the question.
Economics
Which of the following encourage(s) entrepreneurs to innovate?
a. the patent system b. the enforcement of contracts by the courts c. private property rights d. All of the above are correct.
Economics