The difference between positive economic statements and normative economic statements is that
a. both c and e are true
b. positive statements are based on opinion while normative statements are based on fact
c. positive statements are true and normative statements are often false
d. positive statements are often false and normative statements are true
e. positive statements are based on fact while normative statements are based on opinion
E
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National income equals GNP
A) less depreciation, less net unilateral transfers, less indirect business taxes. B) less depreciation, plus net unilateral transfers, plus indirect business taxes. C) less depreciation, less net unilateral transfers, plus indirect business taxes. D) plus depreciation, plus net unilateral transfers, less indirect business taxes. E) less depreciation, plus net unilateral transfers, less indirect business taxes.
The 1991 Maastricht Treaty can be best described as
A) a peace treaty between Europe and the United States. B) an agreement for the accession of the Netherlands into the EU. C) an agreement for the creation of a free trade area. D) a provision for the introduction of a single European currency and European central bank. E) the beginning of a floating exchange rate European monetary system.