Normative economic statements
A) are statements of "what ought to be."
B) are statements of "what is."
C) are statements that may be tested by referring to facts and data.
D) do not involve value judgments.
Answer: A
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Which of the following is true about the indifference curve where one commodity (such as pollution) is "bad"?
A) It has a negative slope. B) It has a positive slope. C) It is horizontal. D) It is vertical.
Which of the following is NOT correct regarding the status of U.S. labor unions?
A) Today fewer than one in eight workers is a union member. B) A key reason for the decline in union membership is the relative decline in manufacturing jobs as a share of total employment. C) Greater domestic and global competition has had a part in bringing about a decline in unions. D) Global trade has increased the number of union members in the United States.