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Which of the following is a statement of positive economics?
Which of the following is a statement of positive economics?a) Too much government spending is the biggest problem facing the U.S. economy.b) Creating jobs is the most serious problem facing the U.S. economy.c) Raising taxes provides additional revenue that should be used to finance health care.d) If taxes are over 50 percent of national income, job creation falls."An increase in the federal minimum wage will provide a living wage for the working poor" is:a) a statement of positive economics.b) a fallacy of composition.c) a tautology.d) a statement of normative economics.Which of the following is true of resources?a) Resources are inputs used to produce goods and services.b) Labor is the mental and physical capacity of workers to produce goods and services.c) Entrepreneurship organizes resources to produce goods and services.d) All of these are true.Money is one of our nation's resources (factors or means of production).a) Trueb) FalseIn a congressional debate about agricultural price supports, senators, members of congress, and other experts made the following four statements. Which of these is a normative statement?a) "Price supports are important because America should preserve the small family farm."b) "Without price supports, the price of wheat and corn will fall by over twenty percent."c) "The decline in commodity prices caused by the removal of price supports will result in fewer, larger farms."d) "The decline in commodity prices caused by the removal of price supports will reduce the number of tractors sold in the United States."
