The comment that "the minimum wage should be raised to give working people in this country a fair wage" is an example of:
a. A normative economic statement
b. The fallacy of composition
c. A positive economic statement
d. The after this, therefore because of this, fallacy
Answer: a. A normative economic statement
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"The plan to create private accounts in Social Security will reduce benefits for some workers," is an example of a ________ statement, while "Social Security will be better if the private accounts are allowed" is an example of a ________ statement.
A. structural policy; fiscal policy B. normative; positive C. positive; normative D. monetary policy; fiscal policy
Among the key ingredients that propelled the American economy to emerge as the leading industrial power by the beginning of World War I were
A. the world's first universal public education system. B. a large agricultural surplus. C. entrepreneurial abilities of great industrialists. D. all of the choices are true.
If polluters are forced to pay for their pollution, they will reduce pollution toward a socially optimal amount
a. True b. False Indicate whether the statement is true or false
Britain imports some goods and exports other goods primarily because of:
A) free goods. B) specialization. C) unemployment. D) self-sufficiency.