Economists use the term inflation to describe a situation in which the economy's overall production level is rising

The Keynesian model of macro equilibrium provided an explanation for the:

a. high rates of both unemployment and inflation experienced during the 2110s. b. prolonged high rates of unemployment experienced during the 1930s. c. low interest rates of the 1950s and 1960s. d. budget surpluses and rapid growth of the U.S. economy during the 1990s.

"The minimum wage should be increased so that low-income workers can afford to feed their families." This is an example of: a. a positive economic statement

b. a negative economic statement. c. the fallacy of composition. d. a normative economic statement.