Mercantilism is another name given to the version of capitalism that has emerged in the globalized world of the 21st century

Which of the following is an example of a normative question?

A) What fraction of an income tax cut will be spent on imported goods? B) How will an increase in the inheritance tax affect tax revenues? C) How will an increase in unemployment benefits affect the unemployment rate? D) Should Florida implement a state income tax to reduce its deficit?

In the long-run equilibrium in perfect competition,

A) producer surplus is positive. B) producer surplus is negative. C) producer surplus is greater than consumer surplus. D) producer surplus is less than consumer surplus.