Which of the following signals a normative economic statement?
a. is
b. has been shown to be
c. should be
d. can be
e. is more than
C
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The economic way of thinking views government as a social institution
A) in which people do not compete. B) in which the public interest has priority over private interests. C) whose actions are controlled by the will of the majority. D) whose actions are determined by individuals' perceptions of their self-interest.
Capital, labor, and land
a. have derived demands. b. are factors of production. c. are inputs used in the production of goods and services. d. All of the above are correct.
A contractionary fiscal policy is likely to
A) reduce a government budget deficit and reduce borrowing by the Treasury. B) increase a government budget deficit and increase borrowing by the Treasury. C) reduce a government budget deficit and increase borrowing by the Treasury. D) increase a government budget deficit and reduce borrowing by the Treasury.
The marginal benefit of pollution abatement is graphically illustrated by
A) an upward sloping curve. B) a downward sloping curve. C) a horizontal curve. D) a vertical curve.