The difference between positive statements and normative statements is that
A) a positive statement involves a value judgment and a normative statement is a statement of fact.
B) a positive statement is a statement of fact and a normative statement involves value judgments.
C) value judgments are made in normative statements but assumed in positive statements.
D) normative statements are provable while positive statements are not.
B
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If the inflation rate in the United States is higher than that in Mexico and productivity is growing at a slower rate in the United States than in Mexico, then, in the long run, ________, everything else held constant
A) the Mexican peso will appreciate relative to the U.S. dollar B) the Mexican peso will depreciate relative to the U.S. dollar C) the Mexican peso will either appreciate, depreciate, or remain constant relative to the U.S. dollar D) there will be no effect on the Mexican peso relative to the U.S. dollar
Which of the following would NOT change demand?
A) the price of the product B) information about the product's health effects C) the income of the consumers D) the price of related products
Local governments usually rely on the ________ tax to fund schools, libraries, and public services such as police and fire protection
A) payroll B) excise C) value-added D) property
If the Fed wants to move the economy down and to the right along the Phillips curve, what must it do?
a. Increase the rate at which the aggregate supply curve shifts upward b. Decrease the rate at which the aggregate demand curve shifts rightward c. Increase the rate at which the aggregate demand curve shifts rightward d. Increase the rate at which the aggregate demand curve shifts leftward e. Decrease the rate at which the aggregate supply curve shifts upward