Which of the following statements is a normative statement?
A) Military spending as a percent of government spending decreased by 5 percent in the 1990s.
B) Every American household should have health care insurance coverage.
C) Welfare reform has decreased the amount the government spends on welfare.
D) Fewer people are unemployed this year than last year.
E) The price of computers fell last year.
B
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Suppose that the United Kingdom pegs the pound to the euro. If all other things remain unchanged, what would you expect to happen to European interest rates if all countries who use the euro decided to adopt expansionary fiscal policies?
A) They would rise. B) They would fall. C) They would not change. D) That cannot be determined using the information provided.
A ban on imports, a tariff, or a quota raise the price to domestic consumers creates a deadweight loss. This loss is composed of
A) production associated loss and inefficiency loss. B) productive consumption loss and protection loss. C) consumption distortion loss and production distortion loss. D) consumer misperception loss and taxation loss.