Normative economic statements
A) are statements of "what ought to be."
B) are statements of "what is."
C) are statements that may be tested by referring to facts and data.
D) do not involve value judgments.
Answer: A
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Answer the following statements true (T) or false (F)
1. A free good may eventually become an economic good. 2. Payment for the use of capital is made in the form of rent. 3. The study of economics would be less complicated if differences in subjective judgments did not exist. 4. Equilibrium is a position of stability or rest.
Which of the following is not part of the Federal Reserve System?
a. Council of Economic Advisors. b. Board of Governors. c. Federal Open Market Committee. d. 12 Federal Reserve District Banks. e. Federal Advisory Council.
According to the principle of increasing costs, as the production of one good expands, the opportunity cost of producing another unit of the good tends to increase
a. True b. False Indicate whether the statement is true or false
In 2013:
a. almost all of the uninsured had income below or just above the poverty line b. 45% uninsured adults were ages 18 to 34 c. both of the above d. neither of the above