Which of the following is a normative economic statement?
A. The poverty rate hit a new high last year and income distribution also worsened
B. Health care accounts for roughly a third of total spending in the economy
C. The government needs to revamp the Social Security program to make it sustainable
D. Retail sales are expected to continue on their downward trend in the next three quarters
Answer: C
You might also like to view...
According to the IGM poll, most economists think that the benefits of ARRA exceeded the costs
a. True b. False Indicate whether the statement is true or false
Restrictions on imports
A. protect United States jobs. B. usually have no permanent effects on an economy. C. is the best way to increase exports. D. eventually reduce exports.
Answer the following statement(s) true (T) or false (F)
1. An indifference curve is a construct used by economists to show how tastes for an individual change. 2. There are an infinite number of choices faced by a consumer that are shown along an indifference curve. 3. Indifference curves fill the fourth quadrant of the plane. 4. If the marginal value of beef is $8 per pound, then the consumer is willing to pay at most $8 for an additional pound of beef. 5. The marginal value of a good is the dollar value that the consumer receives, on average, from each unit of the good purchased.
Which of the following is NOT a program designed to attack poverty?
A) Supplementary Security Income B) food stamps C) Social Security D) federal corporate income tax