Answered: 1. Which of the following is NOT a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Which of the following is NOT a normative statement?

Select one:

a. higher interest rates should lead to increased savings

b. inflation is more harmful to Ghana than unemployment

c. if its minimum wage falls, Japan will be a better place

d. the benefits to the economy of improved equity are less than the costs of reduced efficiency

Which of the following is not necessarily an outcome of international trade?

Select one:

a. goods being obtained at lower opportunity cost

b. people specialize in activities in which they have a comparative advantage

c. all individuals within trading countries benefit

d. more efficient resource use

If a 8 percent increase in income results in a 10 percent increase in the quantity demanded of lattes, what is the income elasticity of demand for lattes, and what type of good is lattes?

Select one:

a. negative, and therefore lattes are a normal good

b. negative, and therefore lattes are an inferior good

c. positive, and therefore lattes are an inferior good

d. positive, and therefore lattes are a normal good

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