Which of the following is a normative question?
A) How often do banks fail?
B) What is the value of a human life?
C) How much does government spending stimulate aggregate output?
D) How do we calculate the total value of activity in an economy?
B
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Recall the Application. If country A has a lower overall income tax rate than country B, and labor can freely and easily move between the two countries, real wages in country A will tend to ________ and employment in country A will tend to ________
A) increase; increase B) decrease; decrease C) increase; decrease D) decrease; increase
Use the above figure. A leftward shift in the demand curve, ceteris paribus, would result in
A) a dollar appreciation. B) a dollar depreciation. C) a euro appreciation. D) increasing the equilibrium quantity of the euro.