Which of the Following Is a Positive Economic Statement

question 196

Multiple Choice

Which of the following is a positive economic statement?

• A)The standard of living in the United States should be higher.
• B)If the price of iPhones falls, a larger quantity of iPhones will be purchased.
• C)The government should revamp the health care system.
• D)The U.S. government should not have bailed out U.S. auto manufacturers.

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Definitions:

Wage Rate

The amount of compensation workers receive in exchange for their labor, typically expressed per hour, day, or piece rate.

Economic Rent

The excess payment made to a factor of production over and above what is needed to bring that factor into productive use.

Electricians

Skilled tradespeople who specialize in the installation, maintenance, and repair of electrical systems and equipment.

Dirty Work

Unpleasant, difficult, or demeaning tasks often avoided by many but necessary within a specific context or job.