Which of the following is an example of a normative statement?
A. The average price of a Whopper Jr. is $1.69.
B. The United States ought to adopt a flat rate personal income tax.
C. A higher percentage of prostitutes incarcerated in Miami test positive for AIDS when compared to registered prostitutes in Nevada.
D. Average growth in real GDP per year was 1.84 percent between 2000 and 2010.
B. The United States ought to adopt a flat rate personal income tax.
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An economic model is a
A) realistic version of an economic environment. B) fictional representation of an entire economy. C) detailed version of an economic issue. D) simplified representation of an economic environment.
Government policies resulting intended to increase equality (cutting the pie into more equal slices) include (i) the welfare system (ii) unemployment insurance (iii) progressive income tax
a. (i) only b. (ii) only c. (i) and (ii) only d. (i), (ii), and (iii)