All of the following are examples of normative statements EXCEPT:
A. Output per person typically grows more slowly than output per worker.
B. Low unemployment is more desirable than low inflation.
C. Output per person should increase at an average annual rate of 5 percent.
D. High rates of economic growth are preferable to low rates.
Answer: A
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Which of the following is a potential monetary policy instrument for the Fed?
A) federal funds rate B) loanable funds C) inflation rate D) profit rates E) real interest rate
In one year in the country of Countem, workers earned $4150, proprietor's income was $392, rental income was $20, corporate profits were $683,
net interest was $228, taxes on production and imports were $329, business current transfer payments were $12, the current surplus of government enterprises was $3, statistical discrepancy was $28, consumption of fixed capital was $882, factor income received from the rest of the world was $331, and payments of factor income to the rest of the world was $623. Based on these data, compute national income, net national product, gross national product, and gross domestic product.