Which of the following is a statement of positive economics?
a. The income tax reduces after-tax incomes of the rich
b. A reduction in tax rates makes the after-tax distribution of income fairer.
c. Tax rates ought to be reduced so that people will work more.
d. All of the above are statements of positive economics.
a
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Farmers can choose to produce eggs or milk. If there is an increase in the price of milk then what will be the effect in the egg market?
a. The quantity of eggs demanded will increase. b. Egg demand will decrease. c. Egg supply will increase. d. Egg supply will decrease.
The ease with which an asset can be converted into a medium of exchange is known as
a. volatility b. liquidity c. currency d. Gresham's Law e. speculative exchange
No nation needs default on debts that call for repayment in its own currency. However, Russia astounded the financial world in 1998 by choosing to default on its
A. dollar denominated debt. B. ruble denominated debt. C. British sterling pounds denominated debt. D. none of these.
Which of the following ways to recruit soldiers utilizes incentives?
A) a draft B) universal service C) higher salaries D) waging a war on another country