The comment that "the minimum wage should be raised to give working people in this country a fair wage" is an example of:
a. A normative economic statement
b. The fallacy of composition
c. A positive economic statement
d. The after this, therefore because of this, fallacy
Answer: a. A normative economic statement
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If an economy wants to maintain monetary policy autonomy, then:
a. it can maintain a fixed exchange rate and international capital mobility. b. it can impose strict capital controls and maintain a fixed exchange rate. c. it can maintain capital mobility but not a fixed exchange rate. d. it can impose strict capital controls and maintain a fixed exchange rate or it can maintain capital mobility but not a fixed exchange rate.
Which of the following statements is true?
A) It is easier to defend an overvalued currency than an undervalued currency since it is possible to print domestic currency and not foreign currency. B) It is easier to defend an undervalued currency than an overvalued currency since it is illegal to print domestic currency. C) It is easier to defend an undervalued currency than an overvalued currency since it is possible to print domestic currency. D) It is easier to defend an overvalued currency than an undervalued currency since it is possible to hold large reserves of foreign currencies.