"The plan to create private accounts in Social Security will reduce benefits for some workers," is an example of a ________ statement, while "Social Security will be better if the private accounts are allowed" is an example of a ________ statement.
A. structural policy; fiscal policy
B. normative; positive
C. positive; normative
D. monetary policy; fiscal policy
Answer: C
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Economic theory has traditionally focused on optimality in decision making.
Answer the following statement true (T) or false (F)
Today, few U.S.-based manufacturing firms make their products exclusively in the United States out of entirely U.S.-made parts
Indicate whether the statement is true or false
According to the Keynesian model, an increase in autonomous investment leads to
A) a more than proportional decrease in real Gross Domestic Product (GDP). B) a less than proportional decrease in real Gross Domestic Product (GDP). C) a proportional increase in real Gross Domestic Product (GDP). D) a reduction in taxes, autonomous government spending, and a fall in real Gross Domestic Product (GDP).
The most efficient combination of resources in producing a given output is the combination that:
A. comes closest to using the same quantities of land, labor, capital, and entrepreneurial ability. B. minimize the cost per unit of output. C. uses the smallest total quantity of all resources. D. conserves most on the use of labor.