An example of a normative statement is:
A) The rate of unemployment is 4 percent.
B) A high rate of economic growth creates more jobs for the country.
C) The federal government spends half of its budget on national defense.
D) Everyone in the country needs to be covered by national health insurance
Ans: D) Everyone in the country needs to be covered by national health insurance
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"Total revenue minus total cost" is
A) an incorrect definition of profit. B) the correct definition of profit. C) the economist's definition of profit. D) the government's definition of profit. E) the most common definition of profit.
Which of the following policy actions could speed productivity growth?
I. Tax incentives to encourage saving II. Encouraging international trade III. Directing public funds toward financing basic research A) II only B) I and III C) I only D) I, II, and III