Which one of the following is a positive economic statement?
a. An increase in the minimum wage will reduce employment for teenagers.
b. The minimum wage should be increased.
c. Social justice will be served by increasing the minimum wage.
d. Thoughtful people oppose an increase in the minimum wage.
a
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The price elasticity of demand is calculated as the
A) percentage change in quantity demanded multiplied by the percentage change in price. B) percentage change in quantity demanded divided by the percentage change in price. C) percentage change in price divided by the percentage change in quantity demanded. D) percentage change in quantity demanded plus the percentage change in price.
An agrarian system refers to
(a) the pattern of land ownership. (b) the type of crops grown. (c) the processing of agricultural commodities. (d) an economy that has no industry.