Question 1

Which of the following offices of the U.S.government is a major employer of economists?
A.International Monetary
B.Fund United Nations
C.World Bank
D.Bureau of Labor Statistics

Accepted Answer

The answer of Which of the following offices of the...

Question 2

Which of the following is an example of a normative statement?
A.The rate of unemployment is 9%.
B.A high rate of economic growth creates more jobs for the country.
C.The federal government spends half of its budget on national defense.
D.Everyone in America deserves to be covered by national health insurance.

Accepted Answer

The answer of Which of the following is an example...

Question 3

A statement that says that the minimum wage should be increased is a:

Accepted Answer

A statement that expresses a value judgment or opinion is known as a normative statement, which is subjective and cannot be tested or proven using empirical evidence. The idea that the minimum wage should be increased is a normative statement because it is based on a moral or ethical principle rather than objective facts or evidence.

Question 4

Economic models that make unrealistic assumptions may be useful in analyzing some economic problems.

Accepted Answer

Economic models often make simplifying assumptions in order to isolate specific relationships or variables of interest. While these assumptions may not perfectly reflect real-world conditions, they can still provide valuable insights and inform policy decisions. Additionally, many economic models are constantly updated and revised as new data and insights become available. Economic models that make unrealistic assumptions may still be useful for analyzing certain economic problems, even if they do not perfectly reflect all aspects of the real world. These models can provide insights and predictions that help inform decision-making and policy development. However, it is important to recognize the limitations of such models and to consider a range of perspectives when making important economic decisions.

Question 5

An example of a positive statement is:
A.the rate of unemployment should be 4%.
B.a high rate of economic growth is good for the country.
C.the federal government spends half of its budget on national defense.
D.everyone in the country should be covered by national health insurance.

Accepted Answer

The answer of An example of a positive statement is:
A.the...

Question 6

An example of a positive statement is:
A.the rate of unemployment is 4%.
B.a high rate of economic growth is good for the country.
C.everyone in the country should be covered by national health insurance.
D.baseball players should not be paid higher salaries than the president of the United States.

Accepted Answer

The answer of An example of a positive statement is:
A.the...

Question 7

Economists may disagree about policies because:
A.they may approach the issue using the same sets of values.
B.they may use different economic models.
C.they enjoy disagreeing with each other.
D.they only consider issues in positive economics.

Accepted Answer

The answer of Economists may disagree about policies because:
A.they may...

Question 8

Which of the following is an example of a normative statement?
A.The rate of unemployment is 9%.
B.A high rate of economic growth is good for the country.
C.The federal government spends half of its budget on national
D.defense.Millions of Americans lack health insurance.

Accepted Answer

The answer of Which of the following is an example...

Question 9

Unemployment decreased to its lowest level in 10 years last month.This statement is an example of:
A.an absolute (dis)advantage.
B.a positive economic statement.
C.a normative economic
D.statement.a value judgment.

Accepted Answer

The answer of Unemployment decreased to its lowest level in...

Question 10

Which of the following is a normative economic statement?

Accepted Answer

A normative economic statement is a statement that expresses an opinion, belief, or value judgment about what ought to happen or what is desirable. Option A is expressing an opinion that the government has grown too large and should be reduced, which is a normative statement. The remaining options are positive economic statements that describe factual situations without expressing an opinion or judgment.

Question 11

The current rate of unemployment of 9% is too high.This is a statement.
A.normative
B.ceteris paribus
C.positive
D.marginal

Accepted Answer

The answer of The current rate of unemployment of 9%...

Question 12

Which of the following is a normative statement?
A.International trade leads to expanded consumption opportunities.
B.Higher expenditures on health care will reduce infant mortality rates.
C.We would all be better off if we could reduce our dependence on oil imports.
D.Increased defense spending will lead to higher budget deficits.

Accepted Answer

The answer of Which of the following is a normative...

Question 13

Unemployment of 5% is too high.This is an example of:
A.a normative statement.
B.a positive statement.
C.the circular-flow model.
C.comparative advantage.

Accepted Answer

The answer of Unemployment of 5% is too high.This is...

Question 14

Economists who are asked to choose between two different government policies may disagree because:
A.they make the same value judgments about the desirability of the policies.
B.they base their conclusions on models that make different assumptions.
C.as a matter of course, economists often take opposing points of view so that all sides of a question may be discussed.
D.economists are trained ignore facts and focus on th

Accepted Answer

The answer of Economists who are asked to choose between...

Question 15

Statements that make value judgments are:
A.pecuniary.
B.positive.
C.nominal.
normative.

Accepted Answer

The answer of Statements that make value judgments are:
A.pecuniary.
B.positive.
C.nominal.
normative....

Question 16

Which of the following is an example of a positive statement?
A.The poverty rate should be 4%.
B.A high rate of economic growth is good for the country.
C.The federal government pays for 46% of U.S.health care costs.
D.Everyone in the country should be covered by national health insurance.

Accepted Answer

The answer of Which of the following is an example...

Question 17

The current rate of unemployment is 9%.This statement:
A.is positive.
B.is normative.
C.involves a value judgment.
D.is a personal reflection and has no value in economics.

Accepted Answer

The answer of The current rate of unemployment is 9%.This...

Question 18

A normative statement deals with:

Accepted Answer

Normative statements express opinions or values about what should or should not be done. They are subjective and can differ from person to person. A normative statement expresses a value judgment or states an opinion about what ought to happen or what should be done, rather than describing what actually is or predicting what will happen.

Question 19

Which of the following is a positive economic statement?
A.Government has grown too large and should be reduced.
B.There has been an increase in the rate of inflation.
C.Government should be subject to the same rules as all other institutions.
D.Women should be paid as much as men for the same work.

Accepted Answer

The answer of Which of the following is a positive...

Question 20

Which of the following is an example of a positive statement?
A.The poverty rate is 14%.
B.A high rate of economic growth is good for the country.
C.Everyone in the country needs to save money for retirement.
D.Basketball players should not be paid higher salaries than teachers.

Accepted Answer

The answer of Which of the following is an example...

Quiz 1: First Principles

Which of the following offices of the U.S.government is a major employer of economists? A.International Monetary B.Fund United Nations C.World Bank D.Bureau of Labor Statistics

A statement that says that the minimum wage should be increased is a:

Economic models that make unrealistic assumptions may be useful in analyzing some economic problems.

An example of a positive statement is: A.the rate of unemployment should be 4%. B.a high rate of economic growth is good for the country. C.the federal government spends half of its budget on national defense. D.everyone in the country should be covered by national health insurance.

An example of a positive statement is: A.the rate of unemployment is 4%. B.a high rate of economic growth is good for the country. C.everyone in the country should be covered by national health insurance. D.baseball players should not be paid higher salaries than the president of the United States.

Economists may disagree about policies because: A.they may approach the issue using the same sets of values. B.they may use different economic models. C.they enjoy disagreeing with each other. D.they only consider issues in positive economics.

Which of the following is an example of a normative statement? A.The rate of unemployment is 9%. B.A high rate of economic growth is good for the country. C.The federal government spends half of its budget on national D.defense.Millions of Americans lack health insurance.

Unemployment decreased to its lowest level in 10 years last month.This statement is an example of: A.an absolute (dis)advantage. B.a positive economic statement. C.a normative economic D.statement.a value judgment.

Which of the following is a normative economic statement?

The current rate of unemployment of 9% is too high.This is a statement. A.normative B.ceteris paribus C.positive D.marginal

Unemployment of 5% is too high.This is an example of: A.a normative statement. B.a positive statement. C.the circular-flow model. C.comparative advantage.

Statements that make value judgments are: A.pecuniary. B.positive. C.nominal. normative.

Which of the following is an example of a positive statement? A.The poverty rate should be 4%. B.A high rate of economic growth is good for the country. C.The federal government pays for 46% of U.S.health care costs. D.Everyone in the country should be covered by national health insurance.

The current rate of unemployment is 9%.This statement: A.is positive. B.is normative. C.involves a value judgment. D.is a personal reflection and has no value in economics.

A normative statement deals with:

Which of the following is an example of a positive statement? A.The poverty rate is 14%. B.A high rate of economic growth is good for the country. C.Everyone in the country needs to save money for retirement. D.Basketball players should not be paid higher salaries than teachers.