"Society would be better off if the welfare system were abolished" is a normative statement, not a positive statement
a. True
b. False
Indicate whether the statement is true or false
True
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Net exports ________
A) are heavily determined by foreign demand for domestic goods B) are heavily determined by domestic demand for domestic goods C) are independent of domestic interest rate fluctuations D) all of the above E) none of the above
Which of the following would likely result if a constitutional amendment requires the U.S. government to balance its budget every year?
a. Fiscal spending would increase largely resulting in a higher government debt b. Automatic stabilizers would cease to work and the severity of economic fluctuations would worsen. c. Interest rates would become highly volatile with the increased use of discretionary monetary policies. d. Unemployment would be below its natural rate and output would be at the potential level.
In a monopoly
A) the firm is large in an absolute sense. B) the market is small in an absolute sense. C) the firm and the industry are the same thing. D) the monopolist determines how much each firm will produce.
The quantitative relationship between inputs and outputs is called
A. production technology. B. consumer technology. C. labor-intensive technology. D. capital-intensive technology.