A normative statement is one which:

What will be an ideal response?


is based upon value judgements

Economics

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A shortage of textbooks will cause

a. a decrease in the supply of textbooks b. a decrease in the demand for textbooks c. both an increase in the supply of textbooks and a decrease in the demand for textbooks d. an increase in the price of textbooks, caused by a shift of either the supply curve or the demand curve e. an increase in the price of textbooks

Economics

If a person is taxed $1,000 on an income of $10,000 . taxed $2,000 on an income of $20,000 . and taxed $3,000 on an income of $30,000 . this person is paying a(n):

a. progressive tax. b. regressive tax. c. proportional tax. d. poll tax. e. excise tax.

Economics

The advent of DVDs has virtually demolished the market for videocassettes. This is an example of:

A. creative destruction. B. derived demand. C. capital accumulation. D. the difference between normal and economic profits.

Economics

During the Great Depression, the actual unemployment rate in the U.S. ________, and the natural rate apparently ________

A) increased; decreased B) increased; remain unchanged C) increased; increased as well D) decreased; increased E) decreased; remained unchanged

Economics