ánh đậu béo

Which of the following is an example of a normative statement?

• An increase in the cigarette tax would cause a decrease in the number of smokers.

• A law requiring the government to balance its budget would increase economic growth.

• International health care would be good for Vietnamese citizens.

• A decrease in the minimum wage would decrease unemployment.

At Nick's Bakery, the cost to make homemade chocolate cake is $3 per cake. As a result of selling three cakes, Nick experiences a producer surplus in the amount of $19.50. Nick must be selling his cakes for

• $6.50 each.

• $10.50 each.

• $9.50 each.

• $7.50 each.

The average fixed cost curve

• always rises with increased levels of output.

• declines as long as it is above marginal cost.

• declines as long as it is below marginal cost.

• always declines with increased levels of output.

Which of the following expressions is correct?

• economic profit = accounting profit + explicit costs

• accounting profit = total revenue - implicit costs

• economic profit = total revenue - implicit costs

• accounting profit = economic profit + implicit costs

If the minimum wage exceeds the equilibrium wage, then

• the minimum wage will not be binding.

• there will be no unemployment.

• the quantity demanded of labor will exceed the quantity supplied.

• the quantity supplied of labor will exceed the quantity demanded.

If a good is inferior, then an increase in income will result in

• a decrease in the demand for the good.

• an increase in the demand for the good.

• a movement down and to the right along the demand curve for the good.

• a movement up and to the left along the demand curve for the good.

A budget constraint illustrates the

• prices that a consumer chooses to pay for products he consumes.

• consumption bundles that give a consumer equal satisfaction.

• consumption bundles that a consumer can afford.

• purchases made by consumers.

If something happens to alter the quantity supplied at any given price, then

• we move along the supply curve.

• the supply curve shifts.

• the supply curve becomes steeper.

• the supply curve becomes flatter.

In the simple circular-flow diagram, the participants in the economy are

• households, firms, and government.

• households and firms.

• households and government.

• firms and government.

A rational decisionmaker

• ignores the likely effects of government policies when he or she makes choices.

• takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions.

• takes an action only if the marginal benefit of that action exceeds the marginal cost of that action.

• ignores marginal changes and focuses instead on “the big picture.”