Reference no: EM13203310

"Allowing all individuals access to Medicare and Medicaid for health insurance is the fair thing to do" is an example of a

1. contradiction in economic theory.
2. positive economic statement.
3. normative economic statement.
4. negative economic statement.

"The US should not restrict employers from outsourcing work to foreign countries" is a normative statement.

1. False
2. True
1 points
Question 3

 

Which of the following would most likely have caused the production possibilities frontier to shift outward from A to B?

1. a general technological advance
2. a technological advance in the consumer goods industries
3.a decrease in unemployment
4.an increase in the availability of capital-producing resources

The movement from point B to point C could have been caused by

1.a change in the price of grapes.
2.a change in income.
3.inflation.
4.a change in the cost of producing grapes.

This economy cannot currently produce 30 notepads and 45 lamps because

1.some of its resources are unemployed.
2.All of the above are correct.
3.inefficiencies exist in this economy's production process.
4.given its current technology, it does not have the resources to produce that level of output.

The opportunity cost of this economy moving from point Z to point Y is

1. 20 lamps.
2. 10 lamps.
3. 10 notepads.
4. 0 lamps.

"Prices rise when the quantity of money rises rapidly" is an example of a

1. positive economic statement.
2. negative economic statement.
3. normative economic statement.
4. statement that contradicts one of the basic principles of economics.

The movement from point B to point C is a(n)

1. indication that the price of grapes has changed.
2. indication that the costs incurred by firms that produce grapes have changed.
3. shift of the demand curve.
4. movement along the demand curve.