A positive statement is one that is:
A. derived by induction.
B. derived by deduction.
C. subjective and is based on a value judgment.
D. objective and is based on facts.
Answer: D
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The market system is able to allocate resources efficiently because individuals have the right to the output they produce and _____
a. freedom of the press b. freedom of speech c. freedom of movement d. freedom of exchange
Refer to the information provided in Table 19.4 below to answer the question(s) that follow.Table 19.4Total IncomeTotal Taxes$10,000 $1,000 20,000 2,400 30,000 4,500 40,000 8,000Related to the Economics in Practice on page 393: Refer to Table 19.4. If income increases from $20,000 to $30,000, the marginal tax rate is
A. 3%. B. 15%. C. 21%. D. indeterminate from this information.