Which type of statement is most likely to include the word "should"?
A. Positive statement
B. Normative statement
C. Fair statement
D. Factual statement
B. Normative statement
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Suppose that the government collects $3 million in taxes, pays $2 million in social security benefits, pays $0.5 million in interest on the national debt, and pays workers $1 million to sit at their desks and work as little as possible
The government's contribution to GDP is A) $0. B) $1 million. C) $3 million. D) $3.5 million.
According to real business cycle theory, real wages are _____ correlated with employment and the portion of the population that is not in the labor market _____ with higher real wages
a. positively; rises. b. negatively, does not change. c. negatively, rises. d. positively; falls. e. none of the above.
Price ceilings are primarily intended to help
a. No one b. Consumers c. Producers d. Government
If the least-cost input combination doesn't include all inputs, it's called:
A. a boundary solution. B. an incomplete solution. C. an interior solution. D. an efficient solution.