The difference between positive statements and normative statements is that
A. a positive statement is a statement of fact and a normative statement involves value judgments.
B. normative statements are provable while positive statements are not.
C. a positive statement involves a value judgment and a normative statement is a statement of fact.
D. value judgments are made in normative statements but assumed in positive statements.
Answer: A
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Because of the ERM, if Britain desires to maintain fixed exchange rates, then what would Britain be forced to do after German reunification?
A) It would increase its interest rate and follow the central country's lead. B) It would ignore the increase in the German interest rate and hope for the best. C) It would change over to an exchange rate regime based on gold. D) It would decrease its interest rate to stimulate its economy
Demand-side discrimination occurs when:
A. women remain in low-paying jobs because of family responsibilities. B. employers hire a man who is more qualified than a woman. C. women postpone having children in order to succeed professionally. D. employers pay women less than men for doing the same job.
A purely competitive firm is precluded from making economic profits in the long run because:
A. it is a "price taker." B. its demand curve is perfectly elastic. C. of unimpeded entry to the industry. D. it produces a differentiated product.
Unanticipated inflation is associated with cost increases which are not expected.
Answer the following statement true (T) or false (F)