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
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In this year, Country A has a real GDP per person that is 4 times greater than that of Country B. Country B's growth rate of real GDP per person is 3.5 percent per year
How many years will it take for Country B's real GDP per person to reach the same level that Country A had in this year? A) 10 years B) 20 years C) 40 years D) 60 years E) 56 years
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
According to the text, government licensing frequently enables monopoly in
A) agriculture. B) electricity production. C) mining. D) retail sales.
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