"The U.S. government should not use my tax dollars to subsidize people on welfare"
A) is a positive economic statement because it simply describes one person's opinion.
B) is a normative economic statement because it involves a value judgment about an economic policy.
C) is a positive economic statement because it predicts that my tax dollars will go to welfare.
D) is a normative economic statement because it is a scientific fact.
B
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During the last half of 2008 and the first half of 2009, the congress passed and the President signed two bills totaling about _______________ in an attempt to avert the Great Recession.
A. $700 billion B. $800 billion C. nearly $1.5 trillion D. more than $2.0 trillion
A monopolist will not be able to receive a positive economic profit at any price-output combination at which
A. marginal cost is less than average variable cost when the monopolist has equated marginal revenue and marginal cost. B. the average total cost curve is everywhere above the demand curve. C. marginal cost is less than average total cost when the monopolist has equated marginal revenue and marginal cost. D. marginal revenue falls at a faster rate than marginal cost increases.
The marginal rate of substitution is
A. the slope of the budget line at all points. B. found by adding additional units. C. the change in the quantity of one good that just offsets a unit change in another good, keeping utility constant. D. equal to unit changes in the quantities of both goods so that utility rises.
Externalities exist because
A. private costs differ from social costs. B. low productivity of workers in production. C. too much government interference in the market. D. private costs are equal to social costs.