Which of the following is NOT normative economic statement?
A) The minimum wage should be eliminated so unemployment can be reduced.
B) Increases in the minimum wage cause increases in unemployment.
C) The inflation rate should fall to increase individuals' well being.
D) Taxes on cigarettes should be increased to reduce smoking.
B
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An electricity provider charges consumers $0.20 per kWh for the first 100 kWh, $0.25 per kWh for the next 50 kWh, and $0.27 per kWh for all subsequent kWH of usage. This would be considered
A) an antitrust violation. B) an example of increasing-block pricing. C) bad business practices. D) an example of three-part pricing.
Diminishing marginal product of labor occurs when adding another unit of labor
A) decreases output. B) changes output by an amount smaller than the output added by the previous unit of labor. C) increases output by an amount larger than the output added by the previous unit of labor. D) decreases output by an amount smaller than the output added by the previous unit of labor.