"The standard of living is too low for many individuals in the United States. The government should implement policies designed to achieve a more equal distribution of income." The preceding statements are
a. positive economic statements based on cause and effect.
b. normative economic statements based on value judgments.
c. based on the fallacy of composition argument.
d. an empirically validated economic principle.
B
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The feature of preferences that "more is better"
a. is a logical consequence of transitivity b. is shared by most people, most of the time. c. implies that 5 apples will always be preferred to 4 oranges d. implies that 5 apples will always be preferred to 5 oranges e. means that, when dining, people always try to eat as much as they possibly can
A person who voluntarily quits their job in New York and expects to get a similar job in Los Angeles is an example of
It is only among the least skilled and least experienced members of the labor force that minimum-wage laws cause unemployment
a. True b. False Indicate whether the statement is true or false
The unemployment rate is the fraction of the labor force without a job.
Answer the following statement true (T) or false (F)