Question

For a positive economic model to be useful, it must a.explain how people actually behave. b.explain...

For a positive economic model to be useful, it must

a.explain how people actually behave.

b.explain how people should behave on average.

c.apply to everyone.

d.tend to predict how people behave on average.

Which of the following is a statement associated with positive economic reasoning?

a.Workers are entitled to a just wage.

b.Employers should be required to pay for health insurance for their employees.

c.An increase in the payroll tax paid by firms will reduce wages and employment opportunities.

d.Professional athletes are overpaid.

The marginal product of labor is equal to the

a.incremental profit associated with a one unit increase in labor

.b.incremental cost associated with a one unit increase in labor.

c.increase in labor necessary to generate a one unit increase in output.

d.increase in output obtained from a one unit increase in labor

Unions are often able to sustain wages above the equilibrium wage because they can threaten to?

The marginal product of labor is defined as the change in

a.output per additional unit of revenue

.b.revenue per additional unit of output.

c.revenue per additional unit of labor.

d.output per additional unit of labor.

Why do college graduates earn more in wages than workers with only a high school diploma?

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Homework Answers

Answer #1

Answer 1: Correct answer is Option D.

Positive economics utilizes objective analysis as a tool in the study of economics. In positive economics, economists look at what has happened and what is currently happening in order to form predictions for the future. Example is 'Law of Demand'.However, Normative Economics deals with what ought to be done.

Answer 2 Correct Answer is Option C.

Option C comes within the purview of positive economic reasoning. An increase in the payroll tax paid by firms will reduce wages and employment opportunities.

Answer 3. Correct Answer is Option D.

Increase in output obtained from a one unit increase in labor is called Marginal Product.

Answer 4. Correct Answer is Option D.

The marginal product of labor is defined as the change in output per additional unit of labor

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