A normative statement is one which:
What will be an ideal response?
is based upon value judgements
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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
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.
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.
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