Which of the following is a positive, rather than a normative, statement? ( )
A. Law X will reduce national income.
B. Law X is a good piece of legislation.
Congress ought to pass law X.
D. The president should veto law X.
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Producing a quantity larger than the equilibrium of supply and demand is inefficient because the marginal buyer’s willingness to pay is ( )
A. negative.
B. zero.
C. positive but less than the marginal seller’s cost.
D. positive and greater than the marginal seller’s cost.
If production costs on the price and quantity of flat-screen TVs fall, ( )
A. Producer surplus increases
B. Producer surplus increases
Consumer surplus increases
D. Consumer surplus decreases
Which goods will a nation typically import? ( )
A. those goods in which the nation has an absolute advantage
B. those goods in which the nation has a comparative advantage
C. those goods in which other nations have an absolute advantage
D. those goods in which other nations have a comparative advantage
Suppose that in the United States, producing an aircraft takes 10,000 hours of labor and producing a shirt takes 2 hours of labor. In China, producing an aircraft takes 40,000 hours of labor and producing a shirt takes 4 hours of labor. What will these nations trade? ( )
A. China will export aircraft, and the United States will export shirts.
B. China will export shirts, and the United States will export aircraft.
C. Both nations will export shirts.
D. There are no gains from trade in this situation.
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