Normative economics is concerned with
A) value judgments.
B) opinions.
C) cause-effect relationships.
D) observations that can be proved.
E) both a and b
E
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Which of the following is a positive economic statement?
a. Too much government spending is the biggest problem facing the U.S. economy. b. Creating jobs is the most serious problem facing the U.S. economy. c. Raising taxes provides additional revenue that should be used to finance health care. d. If taxes are over 50 percent of national income, job creation falls.
A public good is described, in part, as a good
A. that may be depleted if demand is heavy. B. that has a marginal cost at or near zero. C. that is essential to life. D. which has all of these characteristics.
In order to change the money supply, the Fed might use all of the following tools except:
A. open market operations. B. discount window. C. reserve requirement. D. deficit spending.
Which of the following is NOT an important determinant of collusion in pricing games?
A. The number of firms B. All the statements associated with this question are important. C. The importance and magnitude of the item in a consumers' budget D. History