Quiz for ECON 2005 - Principles of Economics at Virginia Tech (VT)

Quiz Information

Material Type:Quiz 1
Class:ECON 2005 - Principles of Economics
University:Virginia Polytechnic Institute And State University
  • Descriptive Economics
  • Provided That
  • Complementary Good
  • Either...or
  • Normative Statement
  • Information
  • Complementary
  • Decrease in Demand
  • Positive Economics
  • Positive Statement
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Sample Document Text

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Refer to Scenario 1 below to answer the questions that follow. SCENARIO 1: An economist wants to understand the relationship between minimum wages and the level of teenage unemployment. The economist collects data on the values of the minimum wage and the levels of teenage unemployment over time. The economist concludes that a 1% increase in the minimum wage causes a 0.2% increase in teenage unemployment. From this information he concludes that the minimum wage is harmful to teenagers and should be reduced or eliminated to increase employment among teenagers. 1) Refer to Scenario 1. The statement that a 1% increase in the minimum wage causes a 0.2% increase in teenage unemployment is an example of A) positive economics. B) descriptive economics. C) normative economics. D) Marxist economics. Refer to the information provided in Figure 1.3 below to answer the questions that follow. Figure 1.3 2) Refer to Figu...

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