Chapter 1: Problem 1
Discuss whether each statement is a purely positive statement, or also contains normative elements and/or value judgments: a. An increase in the personal income tax will slow the growth rate of the economy. b. The goal of any country's economic policy should be to increase the well- being of its poorest, most vulnerable citizens. c. The best way to reduce the national poverty rate is to increase the federal minimum wage. d. The 1990 s were a disastrous decade for the U.S. economy. Income inequality increased to its highest level since before World War II.
Short Answer
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Key Concepts
These are the key concepts you need to understand to accurately answer the question.