Please don't answer if you are not sure 100% ! Thanks
1)Which of the following is a normative statement?
A) The deduction for state taxes cost the federal government $100 billion per year.
B) Taxpayers in North Carolina pay state taxes which are above the national average.
C) Twenty-two states use a lottery to raise state taxes.
D) Congress is considering the president's tax plan to increase taxes which is a fair plan.
2)Which of the following is the best example of a normative economic statement?
A) A rise in gasoline prices will cause gasoline purchases to fall.
B) The federal government should spend more on health care.
C) Raising the minimum wage will result in greater unemployment.
D) If more money is printed, then the economy's price level will rise.
3)On a production possibilities curve diagram, greater entrepreneurship:
A) causes the curve to shift outward.
B) keeps the economy on the curve.
C) prevents movement along the curve.
D) keeps the economy at the corners of the curve.
4)
A source of economic growth is:
A) unemployment.
B) inefficiency.
C) less resources.
D) greater entrepreneurship.
5)Which of the following will reduce the supply of motorcycles?
A) An increase in the population age 16 to 35, the primary consumers of motorcycles.
B) An increase in taxes imposed on motorcycle producers.
C) A technological improvement reducing the production costs of motorcycles.
D) A government study that reveals motorcycle riders, on average, live 10 years longer than those who don't ride motorcycles.
6)Market equilibrium is:
A) defined as the condition in which there is neither a shortage or surplus.
B) defined as the condition under which the separately formulated plans of buyers and sellers exactly mesh when tested in the market.
C) represented graphically by the intersection of the supply and demand curves.
D) all of these.
Please don't answer if you are not sure 100% ! Thanks
1)Which of the following is a normative statement?
A) The deduction for state taxes cost the federal government $100 billion per year.
B) Taxpayers in North Carolina pay state taxes which are above the national average.
C) Twenty-two states use a lottery to raise state taxes.
D) Congress is considering the president's tax plan to increase taxes which is a fair plan.
2)Which of the following is the best example of a normative economic statement?
A) A rise in gasoline prices will cause gasoline purchases to fall.
B) The federal government should spend more on health care.
C) Raising the minimum wage will result in greater unemployment.
D) If more money is printed, then the economy's price level will rise.
3)On a production possibilities curve diagram, greater entrepreneurship:
A) causes the curve to shift outward.
B) keeps the economy on the curve.
C) prevents movement along the curve.
D) keeps the economy at the corners of the curve.
4)
A source of economic growth is:
A) unemployment.
B) inefficiency.
C) less resources.
D) greater entrepreneurship.
5)Which of the following will reduce the supply of motorcycles?
A) An increase in the population age 16 to 35, the primary consumers of motorcycles.
B) An increase in taxes imposed on motorcycle producers.
C) A technological improvement reducing the production costs of motorcycles.
D) A government study that reveals motorcycle riders, on average, live 10 years longer than those who don't ride motorcycles.
6)Market equilibrium is:
A) defined as the condition in which there is neither a shortage or surplus.
B) defined as the condition under which the separately formulated plans of buyers and sellers exactly mesh when tested in the market.
C) represented graphically by the intersection of the supply and demand curves.
D) all of these.
Unlock all answers
Related textbook solutions
Related questions
| 1. | In the money market, money supply is determined by the central bank, such as the Fed in the U.S. Because of this, money supply curve is usually vertical in the short run, while the money demand curve is downward sloping. The quantity demanded of money has an inverse relationship with the interest rate, but a direct relationship with both the price level and real GDP. Therefore, when the general price level increases, what will most likely happen? | ||||||||||||||||
| |||||||||||||||||
| 3. | Suppose workers become pessimistic about their future employment, which causes them to save more and spend less. If the economy is in the Keynesian range of the aggregate supply curve, then | ||||||||||||||||
| |||||||||||||||||
| 5. | Which of the following will shift the aggregate demand curve to the left? | ||||||||||||||||
| |||||||||||||||||
| 6. | Which of the following will shift the aggregate supply curve to the left? | ||||||||||||||||
| |||||||||||||||||
| 8. | There are also two kinds of deflation, the demand-pull deflation and cost-push deflation. Then which of the following is most likely to be true? | ||||||||||||||||
| |||||||||||||||||
| 9. | The short-run aggregate supply curve (SRAS) can be written as follows: Y = Yf + b (p - pe), where Y = real GDP, Yf = full-employment real GDP, p = price level, pe = expected price level, and b is a positive coefficient. The SRAS can be re-written as p = pe - (1/b)(Yf) + (1/b)(Y). Then which of the following is true? | ||||||||||||||||
| |||||||||||||||||
