Today is not Saturday.

a.

Affirmative statement.

b.

Normative statement.

c.

Positive statement.

d.

Subjective statement.

Economists believe that to get something, you have to give up something. This means people must make...

a.

Correlations.

b.

Choices.

c.

Analogies.

d.

Causations.

Price elasticity of demand is -2 and price elasticity of supply is 3. The producer pays ___ percent of the tax.

a.

40.

b.

50.

c.

60.

d.

100.

Originally, the market price was 10 and the quantity demanded was 100. Now, the market price is 20 and the quantity demanded is 50. If you use point elasticity, price elasticity of demand is...

a.

-2

b.

-1

c.

-0.5

d.

-4

To pursue greater efficiency, society must often sacrifice its pursuit of...

a.

Individualism.

b.

Equity.

c.

Poverty.

d.

Capitalism.