An example of a positive statement is:
A) The rate of unemployment is 4 percent.
B) A high rate of economic growth is good for the country.
C) Everyone in the country needs to be covered by national health insurance.
D) Baseball players should not be paid higher salaries than the president of the United States.
Ans: A) The rate of unemployment is 4 percent.
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An economically backward nation has the best chance of enjoying relatively high rates of economic growth if it
A) turns toward central economic planning. B) adopts advanced technologies. C) raises its minimum wages and government pension programs. D) limits imports as much as possible.
The perfectly competitive firm's supply curve includes
a. that portion of the marginal cost curve above the minimum point on the average variable cost curve b. its economic profit schedule c. that portion of the marginal revenue curve above minimum average variable cost d. that portion of the average total cost curve above minimum average variable cost e. the firm's effective resource demand curve