Which of the following is NOT normative economic statement?
A) The minimum wage should be eliminated so unemployment can be reduced.
B) Increases in the minimum wage cause increases in unemployment.
C) The inflation rate should fall to increase individuals' well being.
D) Taxes on cigarettes should be increased to reduce smoking.
Answer: B
You might also like to view...
In 1935, the U.S. Patent and Trademark Office issued Parker Brothers a trademark on the
use of the name Monopoly for a board game. Hasbro bought Parker Brothers in 1991. Which of the following statements is true regarding the trademark on the name Monopoly for a board game? A) The trademark expired in 1955, 20 years after the trademark was issued to Parker Brothers. B) The original trademark expired well before Hasbro bought Parker Brothers, so they never had a trademark on Monopoly. C) Trademarks never expire, so Hasbro continues to have a trademark on the name Monopoly. D) The trademark expired in 2011, 20 years after Hasbro's purchase of Parker Brothers.
Monetarists such as Milton Friedman blame the Great Depression primarily (although not completely) on ___
a. the stock market crash. b. the Bank Holiday. c. the decline in investment spending. d. the waves of bank failures.
In the long run, the inflation rate depends primarily on the growth rate of the money supply
a. True b. False Indicate whether the statement is true or false
The price of a smartphone increased from $250 to $400 while the price of a smartphone app increased from $1 to $2. The relative price of smartphones in terms of smartphone apps
A) increased from 175 to 350. B) decreased from 250 to 200. C) increased from 0.003 to 0.05. D) decreased from 0.35 to 0.2.