Which one of the following is an example of a normative statement?
A) A smart phone costs more than a laptop computer.
B) Most smart phones sold in the United States are imported from other countries.
C) Every student in college should have a smart phone.
D) More people will buy smart phones as their prices decline.
Answer: C
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The frequency of banking panics was greatly reduced when
a. the Federal Reserve was created b. the federal government started insuring banking deposits c. the Federal Reserve increased the required reserve ratio d. the Federal Reserve started using open market operations e. the Federal Reserve decided to take a less active role in controlling the money supply
If price equals average total cost, then total revenue
a. equals total cost b. equals total fixed cost c. equals total variable cost d. is greater than total cost e. equals marginal revenue