The difference between positive statements and normative statements is that
A) a positive statement involves a value judgment and a normative statement is a statement of fact.
B) a positive statement is a statement of fact and a normative statement involves value judgments.
C) value judgments are made in normative statements but assumed in positive statements.
D) normative statements are provable while positive statements are not.
B
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The figure above illustrates the gasoline market. There is no external benefit from gasoline. If a tax on gasoline is imposed as shown in the figure, then the total tax revenue earned by the government equals
A) $24 million. B) $16 million. C) $8 million. D) more than $24 million. E) less than $8 million.
If the 12-month interest rates for the United States and the United Kingdom are 6% and equal, and £1 = $2 in the spot market, then what do you expect the 12-month forward rate to be?
A) 2.10 B) 1.90 C) 2.00 D) 2.11