"Social Security should be privatized to get the government out of the retirement-financing business," is an example of a ________ statement about ________ policy.
A. positive; fiscal
B. positive; structural
C. normative; structural
D. normative; monetary
Answer: C
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Suppose that the level of real GDP is $1,000,000 and the economy has 10,000 workers. Labor productivity is
a. $100 per worker b. $0.01 per worker c. $1,000,000 per worker d. $1,000 per worker e. Labor productivity cannot be computed with the information given
Mercantilist policy is to do everything it can to promote exports and to discourage imports
a. True b. False Indicate whether the statement is true or false
Determine whether each of the following transactions will be counted in the 2005 GDP of the United States. If the transaction is counted, identify which expenditure component (personal consumption, gross investment, government consumption and gross investment, or net exports) will be affected
a. Norm, a frequent visitor to a local bar, purchases a Budweiser beer. (Budweiser beer is domestically produced.) b. The owner of the local bar purchases a new domestically made cooler unit in which to store his beer. c. Carla, a U.S. foreign exchange student, works her way through college in Germany as a waitress in a bar. d. On her night off, Carla purchases a Budweiser beer for her friend in the German bar.
Suppose all prices decrease by 5 percent in the year while the total sales of laptops remain constant. This is
A) a violation of the law of demand since fewer laptops should be purchased at a higher price. B) a violation of the law of demand since more laptops should have been purchased with higher incomes. C) not a violation of the law of demand since the relative price of laptops did not change. D) not a violation of the law of demand since the law of demand does not apply to expensive goods like laptops.