Which of the following is a positive economic statement?
A) No individual should live in poverty.
B) The rate of unemployment of young African-Americans exceeds that of white Americans.
C) Unemployment is a more serious societal problem than inflation.
D) Economic considerations are less relevant than ethical issues in deciding national policy.
Answer: B
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Classical economists argue that
A) the government should have an active role in the economy. B) government policies will be ineffective and counterproductive. C) the government should actively intervene in the economy to eliminate business cycles. D) wages and prices don't adjust quickly, so the economy is slow to return to equilibrium.
Some competitive firms are willing to operate at a loss in the short run because their revenues are at least able to cover their variable costs
a. True b. False Indicate whether the statement is true or false