Which of the following statements are positive and which are normative? The minimum wage creates unemployment among young and unskilled workers. The minimum wage ought to be abolished. If the price of a product in a market decreases, then, other things equal, quantity demanded will increase. A little bit of inflation is worse for society than a little bit of unemployment. There is a tradeoff between inflation and unemployment in the short run. If consumer income increases, then, other things equal, the demand for automobiles will increase. The U.S. income distribution is not fair. U.S. workers deserve more liberal unemployment benefits. If interest rates increase, then investment will decrease. If welfare benefits were reduced, then the country would be better off.

Table 3-4 Assume that Kenya and Peru can switch between producing toothbrushes and producing hairbrushes at a constant rate. ​ Machine Minutes Needed to Make 1 Toothbrush                       Hairbrush Kenya 3 10 Peru 5 6 ​ Refer to Table 3-4. Which of the following represents Kenya’s and Peru’s production possibilities frontiers when each country has 60 minutes of machine time available?

Table 3-4 Assume that Kenya and Peru can switch between producing toothbrushes and producing hairbrushes at a constant rate. ​ Machine Minutes Needed to Make 1 Toothbrush                       Hairbrush Kenya 3 10 Peru 5 6 ​ Refer to Table 3-4. Assume that Kenya and  Peru each has 240 machine minutes available. If each country divides its time equally between the production of toothbrushes and hairbrushes, then total production is

Suppose Jassie and Tucker can both produce two goods: teddy bears and toy trains. Which of the following is not possible?

Sabrina decides to spend 2 hours working overtime rather than going to the movies with her friends. She earns $15 per hour for overtime work. Her opportunity cost of working is

Which of the following would not increase in response to a decrease in the price of ironing boards?

Match the term listed with the correct definition. Female Genital System.

The “invisible hand” refers to

Table 4-5 Price (Dollars per case) Quantity Supplied (Cases of water) Aqueduct Springs      Brook Mountain    Channel Waters   Drop Good  0.00 0 0 0 0 4.00 100 40 60 100 8.00 200 80 120 200 12.00 300 120 180 300 Refer to Table 4-5. If the four suppliers listed are the only suppliers in this market and the market quantity demanded is 530 cases when the price is $8.00, which of the following statements is correct?

The Earned Income Tax Credit, a government program that supplements the incomes of low-wage workers, is an example of a