The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains have not kept pace with the 3 percent rate of inflation. The Secretary's statement is a (n) ____ economic statement, and the labor head's statement is a (n) ____ economic statement.
A. normative; normative
B. normative; positive
C. positive; normative
D. positive; positive
Answer: D
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In the above table, for Mary the opportunity cost of producing a dress is ________, and the opportunity cost for Mark of producing a dress is ________
A) 1 1/2 jackets; 2/3 of a jacket B) 1 1/2 jackets; 2 1/2 jackets C) 1 1/4 jackets; 1/2 of a jacket D) 1 jacket; 1 jacket E) 1 dress; 1 dress
If significant economies of scale are present, large firms will be much more efficient producers than small firms.
Answer the following statement true (T) or false (F)
According to the table shown, which year is most likely being used for the base year?
A. 2010
B. 2011
C. 2012
D. 2013
Logrolling refers to
a. vote trading among legislators. b. the tendency of voters to free-ride on the payment for public goods. c. the power of well-organized interest groups. d. the tendency of legislators to favor the interests of the timber (logging) industry.