All of the following are examples of positive statements EXCEPT:
A. Tax revenues increase as output per person increases.
B. High rates of economic growth are undesirable because of the destruction caused to the environment.
C. Growth in an economy generates a budget surplus.
D. As output per person increases access to consumer goods increases.
Answer: B
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Refer to Figure 13-2. Ceteris paribus, an increase in the price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
If a nation's imports exceed its exports: a. net exports will be positive
b. GDP will be less than the sum of consumption, investment, and government purchases. c. GDP will be greater than the sum of consumption, investment, and government purchases. d. none of the above apply.
Positive statements are not
a. descriptive. b. prescriptive. c. claims about how the world is. d. made by economists speaking as scientists.
When the total utility from consuming one good is maximized, marginal utility is
A. zero. B. minimized. C. positive. D. maximized.