Which of the following is an example of a normative statement?
A. A high rate of economic growth creates jobs.
B. The rate of unemployment is 9%.
C. The federal government spends half of its budget on national defense.
D. Everyone in the United States deserves to be covered by national health insurance.
Answer: D. Everyone in the United States deserves to be covered by national health insurance.
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Specialization in trade will be economically efficient if it is based upon
A) national security needs. B) absolute advantage. C) comparative advantage. D) government regulations.
Positive statements can be checked, evaluated, or edited based on:
a. available evidence. b. personal choice. c. budget constraints. d. opportunity costs.
Advertising can lead to more competition and lower prices for consumers.
Answer the following statement true (T) or false (F)
If the labor-force participation rate is 90% and the total population 16 years of age or older is 3 million people, the labor force is
A. 2,450,000 people. B. 2,700,000 people. C. 3,300,000 people. D. 3,900,000 people.