Which of the following is a normative statement?
A. Fiscal policy is determined by the Congress and the president.
B. Tax cuts ought to be enacted for the good of the economy.
C. Monetary policy is determined by the Federal Reserve System.
D. The Gross Domestic Product is the dollar value of all goods and services produced in a country in a year.
Answer: B
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How are the current account and the financial account related?
What will be an ideal response?
If a good that generates positive externalities is priced to internalize the externality, then its price will __?__ and its output will __?__
Which of the following factors will make it easier for a labor union to increase the wages of its members?
a. a highly inelastic demand for the products produced by the union labor b. a readily available supply of similar products produced by nonunion labor c. low tariffs and strong competition from foreign firms producing the products supplied by the union labor d. a reduction in the demand for the products produced by the union labor
Answer the next question based on the following data. All figures are in billions of dollars.Disposable income$200Net private domestic investment40U.S. imports15National income300Personal taxes31Net exports9Gross private domestic investment55Net foreign factor income10Statistical discrepancy0This nation's exports are ________.
A. $28 billion B. $16 billion C. $9 billion D. $24 billion