Label each of the entries in the list as a positive or a normative statement
What will be an ideal response?
• Low-income people pay too much for housing.
The entry that low-income people pay too much for housing is a norma-tive statement.
• The number of U.S. farms has decreased over the past 50 years.
The entry about the number of farms is a positive statement.
• Toyota expands parts production in the United States.
The entry about Toyota expanding parts production is a positive state-ment.
• Imports from China are swamping U.S. department stores.
The entry about imports is a normative statement.
• The population of rural United States is declining.
The entry about the population in rural areas is a positive statement.
Use the following information to work Problems 10 to 12.
Hundreds line up for 5 p.m. Eminem ticket giveaway
Eminem fans lined up all day to get a free ticket to his secret concert at which he will release his new album Relapse (his first in 5 years).
Source: Detroit Free Press, May 18, 2009
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In the short-run, a rise in the money wage rate leads to
A) an increase in the price level and an increase in real GDP. B) an increase in the price level and a decrease in real GDP. C) an increase in the price level, but no change in real GDP. D) no change in the price level, but an increase in real GDP.
A reduction in a country's money supply causes
A) its currency to depreciate in the foreign exchange market. B) its currency to appreciate in the foreign exchange market. C) does not affect its currency in the foreign market. D) does affect its currency in the foreign market in an ambiguous manor. E) affects other countries currency in the foreign market.
If the price of orange juice rises 10%, and as a result the quantity demanded falls by 8%, the price elasticity of demand for orange juice is
A) -1.25. B) inelastic. C) Both A and B above. D) Neither A nor B above.
How many countries in the world have failed to come up with the rules of the game that lead to sustained economic growth?
a. none b. most c. half d. one e. There is not enough data to answer this question