Which of the following is a normative statement?
a. The deduction for state taxes cost the federal government $100 billion per year.
b. Taxpayers in North Carolina pay state taxes which are above the national average.
c. Twenty-two states use a lottery to raise state taxes.
d. Congress is considering the president's tax plan to increase taxes which is a fair plan.
d
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The benefit from an additional unit of a good or service that society receives from the consumption of that good or service is the
A) marginal private benefit. B) marginal external benefit. C) marginal social benefit. D) opportunity cost.
The major factor contributing to the depreciation of the dollar in 2007-2008 was:
A) higher U.S. interest rates resulting in lower capital outflows. B) lower U.S. interest rates resulting in higher capital outflows. C) higher U.S. interest rates resulting in higher capital outflows. D) lower U.S. interest rates resulting in lower capital outflows.
Observations of inflation in the 1970s prompted what further addition to the Phillips curve?
A) price shocks B) expected inflation C) personal consumption expenditures D) all of the above E) none of the above
Entry barriers exist in a perfectly competitive industry
a. True b. False Indicate whether the statement is true or false