A normative economic statement is:
a. a statement of fact.
b. a statement of opinion which advocates a particular position.
c. not acceptable in the economics profession.
d. the only acceptable manner to present economic information.
e. a statement based upon government-supplied information.
b
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Unemployment occurs even during periods when the economy is growing
Indicate whether the statement is true or false
Which of the following statements is true?
A) A monopolist faces an upward sloping demand curve. B) A perfectly competitive firm faces an upward sloping demand curve. C) A monopolist can increase the price of its product and not lose all of its business. D) A perfectly competitive firm can increase the price of its product without losing its business.
Which of the following is not a major trading partner of the U.S.?
a. Canada b. Mexico c. Russia d. China
The high cost of labor in the European labor market is partially caused by:
a. Substantial labor market regulation b. high productivity c. restrictions on hiring d. a hire and fire policy e. none of the above