The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains should have been higher. The Secretary's statement is a ___________ economic statement, and the labor union head's statement is a(n) _____________ economic statement

a. normative; normative
b. normative; positive
c. positive; normative
d. positive; positive
e. proper; improper


C

Economics

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The process of changing a technology to fit local resources is

a. invention b. adaptation c. innovation d. technology transfer e. all of the above

Economics

According to the text, government licensing frequently enables monopoly in

A) agriculture. B) electricity production. C) mining. D) retail sales.

Economics

Economists who believe that a balanced budget is unnecessary and harmful argue that economic booms should automatically lead to smaller deficits or larger surpluses

a. True b. False Indicate whether the statement is true or false

Economics