Economists regard some inflation as good for the economy

The current rate of unemployment is 5 percent. This statement:

A) is positive. B) is normative. C) involves a value judgment. D) is a personal reflection and has no value in economics.

All of the following statements provide evidence in support of the Beard-Hacker Thesis except:

a. The Civil War caused a transfer of political power from Southern agrarians to Northern industrial capitalists. b. Following secession, Congress passed legislation to increase tariffs and grant land to railroads. c. The Civil War created a demand stimulus for manufactured goods to support the war effort. d. The growth rate in commodity output between 1860 and 1870 was 2.0 percent for the economy as a whole and 2.3 percent for the manufacturing sector.