The President's statement that "to encourage economic growth, taxes should be cut"
A) would be an example of a normative statement.
B) would be an example of a positive statement.
C) would be an example of a microeconomic statement.
D) would be a statement of mercantilist economic philosophy.
A
You might also like to view...
Which is a required characteristic of a perfectly competitive industry?
A) There are few firms so that none can influence market price. B) Products are highly differentiated. C) Barriers to entry are high. D) None of the above
Owners and managers
A) must be the same people. B) may be different people with different goals, and in the long run firms that do best are those in which the managers are allowed to pursue their own independent goals. C) may be different people with different goals, but in the long run firms that do best are those in which the managers pursue the goals of the owners. D) may be different people with different but exactly complementary goals. E) may be different people with the same goals.