A fair distribution of income for the U.S. economy is
1. not an economic issue
2. defined by the Department of Agriculture
3. a positive economic question
4. a normative economic question
5. a state and local issue but not a national one
A fair distribution of income for the U.S. economy is
1. not an economic issue
2. defined by the Department of Agriculture
3. a positive economic question
4. a normative economic question
5. a state and local issue but not a national one
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For each of the following statements, indicate whether they are positive, normative, or both.
a. If the Federal Reserve raises interest rates, demand for housing is likely to fall.
Both a normative and a positive statement | |
Positive statement | |
Normative statement | |
Neither a normative nor a positive statement |
b. The Federal Reserve should raise interest rates to keep inflation at an acceptably low level.
Both a normative and a positive statement | |
Normative statement | |
Positive statement | |
Neither a normative nor a positive statement |
c. Stock prices are likely to fall over the next year as the economy slows.
Neither a normative nor a positive statement | |
Both a normative and a positive statement | |
Normative statement | |
Positive statement |
d. A reduction in the capital gains tax (the tax on profits made in the stock market) would lead to a 10 to 20 percent increase in stock prices.
Normative statement | |
Neither a normative nor a positive statement | |
Both a normative and a positive statement | |
Positive statement |
e. Congress should not reduce capital gains taxes without also providing tax breaks for lower-income people.
Normative statement | |
Positive statement | |
Neither a normative nor a positive statement | |
Both a normative and a positive statement |