Which of the following is a normative economic statement?
A. The Federal budget deficit rose by 120 billion dollars
B. The unemployment rate is expected to fall next month
C. A trade surplus of 200 billion dollars should be our policy goal
D. The federal funds rate was reduced by half a percentage point
Answer: C
Economics
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A) demonstrates the arrogance of the professor. B) better informs prospective students. C) is a costless use of scarce resources, because it avoids paper, ink, and mimeos. D) is irrational.
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The costs of inflation depend upon
A) whether it is anticipated or unanticipated. B) who pays it and who receives it. C) the future savings rate. D) none of the above.
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