Which of the following is a normative economic statement?
a. If we doubled the size of welfare payments, we would reduce the number of homeless persons.
b. Companies should be concerned with more than just their profits.
c. An increase in spending on airport security will reduce the number of hijackings.
d. If social security were to be privatized, workers would earn a higher rate of return on their retirement contributions.
B
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A trade-off between unemployment and inflation is reflected in the
A) economic stability. B) nonaccelerating inflation rate of unemployment (NAIRU). C) natural rate of unemployment. D) Phillips Curve.
In a two-good, two country world, if one country has an absolute advantage in the production of both goods, it can still benefit by trading with the other country
Indicate whether the statement is true or false
Increases in ________ typically lead to decreases in consumption
A) the interest rate B) disposable income C) autonomous consumption D) all of the above E) none of the above
One significant reason for the declining membership in unions in the U.S. is
a. more workers are entering the teaching field b. increasing employment in the industrial sector c. the structural shift of the economy toward services d. increasing cultural diversity in the workforce e. a decrease in the number of public sector employees