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
e. proper; improper
d
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Why are elected representatives far more likely to be informed about the issues on which they vote, compared to the typical citizen-voter?
A) A politician loves politics; citizens hate it. B) A politician is more patriotic than citizens. C) A politician is rationally ignorant; citizens are just plain ignorant. D) A politician's vote has a far greater probability of affecting the outcome, compared to a citizen's vote.
Macro National Bank, a commercial bank, holds $1 million in vault cash, $15 million in government and corporate bonds, $40 million in demand deposits, $10 million on deposit with a Federal Reserve bank, and $8 million worth of property. What are Macro National Bank's total liabilities?
a. $40 million b. $48 million c. $50 million d. $51 million e. $65 million
If the price in the market for a commodity is above the market equilibrium price, the:
A) price will remain unchanged. B) price will rise to clear the market. C) quantity supplied exceeds the quantity demanded. D) quantity demanded exceeds the quantity supplied
The invisible hand theorem comes from:
A. sociology. B. political science. C. macroeconomics. D. microeconomics.