If you heard someone say that coal miners should be paid more wages to enable them to adequately support their families, that would be a statement of
a. positive economics.
b. normative economics.
c. radical economics.
d. None of these.
b. normative economics.
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The average propensity to consume (C/Y) for the period 1970 to 1991 ranged between
a. 0 and - 0.80 b. 0 and 0.01 c. 0.65 and 0.80 d. 0.95 and 1.00 e. 1.20 and 1.50
A major reason for the existence of inflationary and deflationary gaps is that
a. corporations do most of the nation's saving. b. saving and investing are done by people with no social conscience. c. consumers do most of the nation's saving. d. saving and investing are done by different groups.
Over the last 100 years or so, the U.S. economy has grown annually at an average rate of:
A. 1 %. B. 3 %. C. 4 %. D. 2 %.
If discouraged workers were counted as unemployed, the measured unemployment rate would increase.
Answer the following statement true (T) or false (F)