Purchasing a smart phone data plan, premium movie channels, and University of Alabama football season tickets results in you having to drop your health insurance plan. This can be described as:

The long-run Phillips curve indicates that

A) potential GDP can never be achieved. B) there is no way to control the inflation rate in the long run. C) any inflation rate is possible at the natural unemployment rate. D) any unemployment rate is possible at the natural inflation rate. E) there is a tradeoff between the inflation rate and the unemployment rate in the long-run.

Which of the following are positive economic statements and which are normative economic statements?

a. An increase in the minimum wage causes unemployment. b. The government should raise the minimum wage above $7.25 per hour. c. The prolonged recession has caused the unemployment rate to reach a 30-year high. d. Interest rates need to be lower for the economy to emerge from the recession. e. Inflation has decreased since the onset of the recession. f. Once the recession has ended, interest rates should increase to assure that inflation does not go up.