Explain whether the statement "The government should increase tariffs on Japanese cars to protect the American car industry from competition," is a normative or positive statement
What will be an ideal response?
The statement is normative. The statement is a normative statement because it depends on a value judgment, namely that the government should protect the American car industry from competition.
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What benefit would a worker get by joining a union?
a. There is strength in numbers when it comes to negotiations. b. It is the only way to get paid vacation and health benefits. c. Most large employers have a close relationship with union workers. d. Union membership would open up even more jobs to the worker.
A bank creates money when it:
A. gets new checkable deposits which the depositor formerly held as cash. B. has a loan paid off, which creates excess reserves for the bank. C. makes a loan from its excess reserves. D. holds back excess reserves because of an increase in the required reserve ratio.
Which of the following is NOT true about a certificate of convenience and public necessity?
A. It is issued by a government agency. B. It is a barrier to entry. C. It limits competition. D. It is a patent.
Refer to the graph below. One U.S. dollar will purchase how many Japanese yen?
Assume that Japan and the United States are engaged in a system of flexible exchange rates.
A. 80
B. 120
C. 125
D. 140