ECO 202 ECO202 Exam 2 Which one of the following is a normative statement?

ECO 202 ECO202 Exam 2 Which one of the following is a normative statement?

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1. Which one of the following is a normative statement? 

2. The most famous Classical economist was John Maynard Keynes. 

3. When the price of a good rises, the quantity demanded tends to decrease. This is an example of what type of relationship? 

4. Which one of the following is NOT a reason that markets produce efficient outcomes, according to the basic neoclassical model? 

5. Public goods generally cannot be bought and sold in markets. 

6. A transfer of goods or services is referred to as ... 

7. What is represented by a Lorenz curve? 

8. Suppose that an individual making $100,000 per year pays $30,000 in total taxes while a person making $30,000 per year pays $5,000 in total taxes. This is an example of a progressive tax system. 

9. Which one of the following will result in movement along the demand curve for clothing?

10. Suppose that the price of peanut butter increases. What would we expect to happen in the market for jelly (a complement for peanut butter)? 

11. Suppose we notice that the equilibrium price and quantity of compact discs have both increased. A potential explanation for this is that the demand for CDs has increased. 

12. A nonprofit hospital in Chicago would be classified into which sector in the Bureau of Economic Analysis' system of national accounts? 

13. Consumer durable goods are those goods that are expected to last longer than ... 

14. Which one of the following statements is FALSE? 

15. The implicit price deflator is obtained by ... 

16. The U.S. Census Bureau is the government agency in charge of compiling the national accounts of the United States. 

17. Gross domestic product is defined as the value of all final and intermediate goods newly produced in an economy in a given period of time. 

18. Using data from the product approach, the largest contributor to the gross domestic product of the United States is the federal government. 

19. In recent years the United States has been a net foreign borrower. 

20. How would the U.S. Bureau of Labor Statistics classify a 15year old individual working 10 hours per week at a restaurant? 

Question 52:

Assuming that the only goods produced in the economy are coffee and donuts, which of the following statements is correct given the table below and assuming that the base year is 2010?