Which of the following is a normative statement?
A. College tuition rates are rising.
B. Twenty-eight percent of U.S. adults have a bachelor's degree.
C. The average income of a college graduate exceeds that of the average high school graduate.
D. State governments should pay for the first two years of college at public institutions.
D. State governments should pay for the first two years of college at public institutions.
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If an economist claims there are substitutes for clean air, he is really saying
A) clean air is free air. B) there are costs to cleaning the air. C) nobody is truly harmed by unclean, polluted air. D) dirty air is better than clean air. E) economists don't care for clean air.
Total revenue received by surfboard manufacturers increases by $2 million when the price of a surfboard decreases by $10. The price the elasticity of demand for surfboards is
A) between 0 and 1. B) greater than 1. C) equal to 0. D) some amount that is impossible to determine without more information.