Which of the following are necessary components of a normative statement?
a. objective; testable
b. subjective; contestable
c. objective; contestable
d. subjective; testable
b. subjective; contestable
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As presented in the textbook, gross domestic product is the sum of annual
A) business profits (both incorporated and unincorporated) plus all tax receipts of federal, state, and local governments. B) consumption, saving, and investment. C) expenditures for new final goods by consumers, investors, government. D) total sales of all business firms. E) wages and salaries paid or received.
Define import substitution. Evaluate the success of import substitution strategies in developing countries
What will be an ideal response?
Because special interest groups tend to favor transfer policies rather than economic growth policies, many economists believe that these special interest groups help to improve economic efficiency.
Answer the following statement true (T) or false (F)
Subtracting borrowed reserves from the monetary base obtains
A) reserves. B) high-powered money. C) the nonborrowed monetary base. D) the borrowed monetary base.