A statement of opinion about which policy is best for America is
a. an abstraction
b. a positive statement
c. a normative statement
d. a philosophical conundrum
e. empirically verifiable
C
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If the price elasticity of demand for cigarettes is 0.55, and the price of cigarettes increases by 10 percent, then the quantity of cigarettes demanded will fall by:
A. 550 percent. B. 55 percent. C. 0.55 percent. D. 5.5 percent.
What do most empirical studies of labor supply in the United States conclude concerning the elasticity of labor supply and what implication does this have with respect to who bears the burden of the payroll tax?
What will be an ideal response?
A manager believes there is a 10 percent chance their firm will have to pay $500,000, a 20 percent chance that they will have to pay $400,000 and a 70 percent chance they will be found innocent and pay nothing except the legal fees of $100,000. The manager has been offered a settlement deal of $230,000, which the manager's firm would have to pay the plaintiff. If the manager flips a coin to
decide to enter litigation or to settle, the manager is ________. A) a risk lover B) risk intolerant C) risk neutral D) risk averse
A shortage exists in the market for corn at the prevailing price. The shortage will be eliminated by a price: a. increase, increasing the supply and decreasing the demand
b. decrease, increasing the supply and decreasing the demand. c. decrease, increasing the quantity supplied and decreasing the quantity demanded. d. increase, increasing the quantity supplied and decreasing the quantity demanded.