What branch of economics is concerned with effects of nutrition labeling on the dietary quality of consumers (i.e., what-if types of questions)?
A) Positive economics B) Macroeconomics
C) Normative economics D) Microeconomics
Answer: A
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"The distribution of income should be determined by the government" is an example of a normative economic statement
Indicate whether the statement is true or false
There are two ways in which the Fed can provide additional reserves to the banking system: it can ________ government bonds or it can ________ discount loans to commercial banks
A) sell; extend B) sell; call in C) purchase; extend D) purchase; call in
If an increase in expected inflation equally raises the nominal interest rate, the expected real interest rate ________ and thus investment demand ________
A) rises, increases B) rises, decreases C) is unchanged, is unchanged D) falls, increases E) falls, decreases
People on welfare often face the highest marginal tax rates of anyone because ______
a. of our regressive income tax system b. of the non-deducibility of state sales taxes c. of the loss of entitlement payments when earning additional income d. of increasing marginal utility of income