A Normative Economic Statement Is

question 205

Multiple Choice

A normative economic statement is:

• A) a statement of fact.
• B) a statement of opinion which advocates a particular position.
• C) not acceptable in the economics profession.
• D) the only acceptable manner to present economic information.
• E) a statement based upon government-supplied information.

---

Definitions:

GDP

GDP, or Gross Domestic Product, represents the entire value of goods and services produced within a nation's boundaries during a certain time frame.

Net Exports

The value of a country's total exports minus its total imports; a positive number indicates a trade surplus, and a negative number indicates a trade deficit.

Consumption

The use of goods and services by households.

National Income

The total value of all goods and services produced by a country's economy over a specific period, including foreign income.