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Question: Are the following statements normative or positive, or do they contain elements of both normative and positive statements?
a. A higher income-tax rate would generate increased tax revenues. Those extra revenues should be used to give more government aid to the poor.
b. The study of physics is more valuable than the study of sociology, but both should be studied by all college students.
c. An increase in the price of corn will decrease the amount of corn purchased. However, it will increase the amount of wheat purchased.
d. A decrease in the price of butter will increase the amount of butter purchased, but that would be bad because it would increase Americans' cholesterol levels.
e. The birth rate is reduced as economies urbanize, but it also leads to a decreased average age of developing countries' populations.
Serena consumes popsicles (X) and ice cream cones (Y). Her utility function given by U (x,y) = 3xy. The price of a popsicle is $2, and the price of an ice cream cone is $3. Serena has $40 dollars to spend. A.) Set up the Lagrangian for the consum..
The credit union will have $2.3 million available for investment during the coming year. State laws and credit union policies impose the following restrictions on the composition of the loans and investments.
During the period 1973-1975, the United States experienced a deep recession with a simultaneous sharp rise in the price level. Would you conclude that the recession was the result of a supply shock or a demand shock.
Explain what is meant by the multiplier and explain what variable determines its size. Prove through use of algebra that in a two sector economy saving must be equal to planned investment at the equilibrium level of output.
If our country (US) can make everything better and cheaper than foreigners, why would we have any reason to be involved in international trade?
The capital-labor ratio of a cost minimizing firm in the long run indicates explain how a firm should produce its output, not how much output it should produce.
In a traditional monopoly, all or most sales are in a market are undertaken one company. In a natural monopoly, the cost-technology of an industry where is is most cost efficient to be run by one company and a good example of this would be public ..
Suppose you place 6 green, 8 blue, and 2 yellow marbles in a non-transparent bag. You then randomize the marbles by shaking them up thoroughly. Assume you then randomly select two marbles from the bag without replacement.
If the gross national debt initially is equal to $2.5 trillion and the federal government runs a deficit of $100 billion.
In this situation what would happen to aggregate demand and aggregate supply, unemployment, and inflation should the federal government cut business and individual taxes by 4 trillion dollars next year? Use the Phillips Curve and aggregate demand ..
Governor Brown, from the state of Taxafornia, wants to increase sales taxes to bring in badly needed revenue to support state operations. He is looking at taxing various goods and services. Will the state tax revenue be great..
The Federal Trade Commission (FTC) recently issued a report titled, "Data Brokers: A Call for Transparency and Accountability." What is the role of the FTC with respect to consumer privacy? What is the significance/impact of this report?
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