Which of the following statements is a normative statement?
A) Military spending as a percent of government spending decreased by 5 percent in the 1990s.
B) Every American household should have health care insurance coverage.
C) Welfare reform has decreased the amount the government spends on welfare.
D) Fewer people are unemployed this year than last year.
E) The price of computers fell last year.
B
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Suppose a recession surprises economic forecasters who did not see it coming. This is an example of a _____
a. cyclical lag b. recognition lag c. decision-making lag d. implementation lag e. effectiveness lag
In modern China contracts are largely enforced by:
a. plans b. the rule of law c. common law d. Roman law e. state and party officials
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
If unemployment is below its natural rate, what happens to move the economy to long-run equilibrium?
a. Inflation expectations rise which shifts the short-run Phillips curve to the right. b. Inflation expectations rise which shifts the short-run Phillips curve to the left. c. Inflation expectations fall which shifts the short-run Phillips curve to the right. d. Inflation expectations fall which shifts the short-run Phillips curve to the left.