A positive statement is
A. a value judgement.
B. based upon what can be demonstrated to be true.
D. can be shown to be correct or incorrect.
Ans: D. can be shown to be correct or incorrect.
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If the U.S. dollar and British pound have a flexible exchange rate, and the U.S. dollar changes so that one needs more dollars to buy one pound, the currency has
A) depreciated. B) appreciated. C) devalued. D) revalued.
Which of the following is not a government transfer program?
a. unemployment compensation b. Social Security c. food stamps d. Medicare e. movement of soldiers to a different military base
The inflation associated with the oil embargoes of the 1970s illustrated the _____ of the downward-sloping Phillips curve in the long run, as unemployment _____ during this period
a. validity; fell b. validity; rose c. fallacy; rose d. fallacy; fell e. fallacy; did not change
When the economy is in recession, personal income tax collections
a. fall along with consumption and real GDP b. fall but consumption and real GDP rise c. rise providing funds for rising unemployment insurance d. rise but unemployment insurance payments fall so incomes remain unchanged e. fall but saving and investment rise along with real GDP