Which of the following is a statement which describes how the world should be?
a. Positive statement
b. Normative statement
c. Cognitive statement
d. Reflective statement
b. Normative statement
A normative statement is a statement which describes how the world should be.
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Which of the following statements about perfect competition is true?
A. In the long run, the entry and exit of firms will generate normal profits for firms. B. In the short run, firms can only generate economic profits. C. In the long run, the entry and exit of firms will generate economic profits for firms. D. In the long run, the entry and exit of firms will generate losses for firms.
In theory, when a local government receives a grant to finance a certain type of expenditure, it should spend more if the grant _____
a. is a matching grant rather than a categorical grant b. is a categorical grant rather than a matching grant c. is a general grant rather than a matching grant d. is a categorical grant rather than a matching grant
A congressman states, "If a government attempts to increase employment through increased government spending, all we will end up with is a higher price level." This congressman assumes that the
A) aggregate demand curve is a horizontal line. B) aggregate demand curve is a vertical line. C) aggregate supply curve is a horizontal line. D) aggregate supply curve is a vertical line.
Which of the following is the most accurate statement about the Native Americans during the colonial period?
a. There is a strong consensus among historians about the size of the Native American population at the time of arrival of the first European settlers. b. Native Americans rarely formed trading alliances with the European settlers. c. The significant deterioration of the Native American population occurred after 1825, when the US started to expand to the west. d. The susceptibility to disease was one of the primary reasons the Native American population declined.