Which of the following is a normative economic statement?
a. If we doubled the size of welfare payments, we would reduce the number of homeless persons.
b. Companies should be concerned with more than just their profits.
c. An increase in spending on airport security will reduce the number of hijackings.
d. If social security were to be privatized, workers would earn a higher rate of return on their retirement contributions.
B
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In the classical model, what occurs if a wage of $20/hour results in unemployed workers?
A) The wage rate will drop, more workers will be hired, and the unemployment rate falls. B) Producers will quickly create more jobs and hire the unemployed workers, so unemployment is short-lived. C) The workers will go on strike to demand that more jobs be created. D) The government will step in and order firms to hire more workers.
What is the main difference between the type of money that was used before the invention of the printing press and today?
What will be an ideal response?