"The national debt is too large. The government must stop spending so much money." This statement is
a. a normative statement.
b. a positive statement.
c. a testable hypothesis.
d. both b and c.
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Why is a tax inefficient?
What will be an ideal response?
If goods X and Y are substitute goods, then an increase in the price of Y, other things being equal,
A) results in a decrease in the amounts of both X and Y consumed. B) decreases the quantity demanded of Y, but has no effect on the amount of X consumed. C) results in a decrease in the quantity of Y consumed, but increases the demand for X. D) has no real effect on the quantity demanded of good Y, but increases the demand for X.
____ mean that the costs involved cannot be recouped for a considerable period of time
a. Sunk costs b. Opportunity costs c. Overheads d. Restructuring costs
One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.