Suppose that the Council of Economic Advisers tells the President that "the unemployment rate is 4 percent." The President responds, "That rate is still too high." The President's statement is
a. a normative statement
b. a positive statement
c. empirically verifiable by checking economic data
d. an indisputable statistical fact
e. an incorrect positive statement
A
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An optimum that occurs as a corner solution
A) includes only one good. B) cannot be an equilibrium. C) cannot exhaust the budget constraint. D) includes the exact same amounts of each good.
In the early twentieth century, general stores in the upper Midwest had more power over prices because:
a. they acted as intermediaries between farmers and buyers. b. the transportation network was bad, leaving farmers and buyers with no alternatives except the general stores in small towns. c. inventories at the general stores were low and demand was high. d. stockouts were a chronic problem and there was little variety.