Normative economic statements
A) are statements of "what ought to be."
B) are statements of "what is."
C) are statements that may be tested by referring to facts and data.
D) do not involve value judgments.
A
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Use the above figure. The total cost earned by this monopolistically competitive firm is
A) $2,080. B) $3,150. C) $1,600. D) $1,900.
Expansionary fiscal policy during a recession means cutting taxes, increasing government spending, or taking both actions.
Answer the following statement true (T) or false (F)
Money payments made by governments to individuals for which no services or goods are concurrently rendered are known as
A) transfer payments. B) government-sponsored payments. C) government-inhibited payments. D) black market payments.
Judy has just bought a car that is made in Germany. As far as the U.S. balance of payments is concerned this purchase is a(n)
A. deficit item. B. special draw. C. accounting identity. D. surplus item.