What is the difference between a positive statement and a normative statement?
a. A positive statement is contestable; a normative statement is testable.
b. A positive statement is subjective; a normative statement is contestable.
c. A positive statement is testable; a normative statement is objective.
d. A positive statement is objective; a normative statement is contestable.
d. A positive statement is objective; a normative statement is contestable.
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The total amount of taxes paid divided by before-tax income is the
A) median taxpayer rate. B) rate of hysteresis. C) average tax rate. D) marginal tax rate.
External benefits are those that accrue:
A. directly to the decision maker of a market exchange. B. indirectly to the decision maker of a market exchange. C. without compensation to someone other than the person who caused it. D. to the government without its direct intervention.
Since the current tax system is fairly ineffective at redistributing income, some people think this indicates
A. Government failure. B. A negative Gini coefficient. C. Market failure. D. A problem with externalities.
___________ is the study of the determination of an equilibrium price and quantity in a given product or input market that is self-constrained and independent of other markets
Fill in the blank(s) with the appropriate word(s).