One thing that distinguishes normative economic principles from positive economic principles is that:
A. normative principles tell us how people should behave, and positive principles tell us how people will behave.
B. normative principles are pessimistic and positive principles are optimistic.
C. normative principles reflect social norms, and positive principles reflect universal truths.
D. normative principles tell us how people will behave, and positive principles tell us how people should behave.
Answer: A
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According to the U.S. Treasury
A) creditors do not have to accept cash in payment of debts. B) firms do not have to accept cash as payment for goods and services. C) the government will not accept cash in payment of taxes. D) U.S. dollars must be accepted as payment for any good or service sold in the United States.
Refer to above Table 2-2. What is the increase in real GDP between years 1 and 2 at fixed year 1 prices?
A) 4.3% B) 3.3% C) 2.5% D) 1.9%