Which of the following is a normative statement?
a. The U.S. rate of unemployment was lower in 2004 than it was in 1994.
b. Savings accounts earn interest, whereas checking accounts do not.
c. Congress must recognize that the growing national debt is the most serious problem that the country faces.
d. The unemployment rate increases when the percentage of the labor force without jobs increases.
e. The unemployment rate among teenagers is higher than the rate among adults.
C
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The "Sonny Bono" Copyright Term Extension Act extended the copyright terms in the U.S. by 20 years. In addition, the act was applied to already existing copyrights
a. Discuss the advantages and/or disadvantages in terms of efficiency and monopoly power from the extension of the lifespan of new copyrights. In theory, what determines the optimal term of a copyright? b. Discuss the advantages and/or disadvantages in terms of efficiency and monopoly power from the extension of the lifespan of existing copyrights.
If coal and oil are substitute inputs in the production of electricity, an increase in the price of oil
a. will increase the demand for coal b. will reduce the demand for coal c. will increase the supply of coal d. will reduce the supply of coal e. will not affect the demand for coal
Suppose Portugal has 700 workers and 26,000 units of capital, and France has 18,000 workers and 700 units of capital. Technology is identical in both countries. Assume that wine is the capitalintensive good and cloth is the laborintensive good. Which of the following statements is CORRECT if the nations start trading with each other?
a. Wages will increase in Portugal. b. Rental rates in France will increase. c. Wages in France will decrease. d. Rental rates in Portugal will increase
When the Fed buys a security from a financial firm and the financial firm agrees to buy back the security the next day, the transaction is known as
A) a repurchase agreement. B) a reverse repurchase agreement. C) an open market flip-flop. D) a federal funds swap.