The Comment That "Taxes Must Be Reduced for the Good

question 102

True/False

The comment that "taxes must be reduced for the good of the economy" is an example of a normative economic statement.

---

Definitions:

Normal Balance

The typical side (debit or credit) on which an account increases, depending on its type (asset, liability, equity, revenue, or expense).

Financial Statement

Reports that provide detailed information about a company's financial performance and position, including income statements, balance sheets, and statements of cash flows.

Permanent/Temporary

Categories used to describe the durability of various accounts within accounting; permanent accounts track financial data across multiple periods, while temporary accounts are closed at the end of each period.

Patents

Intellectual property rights granted to an inventor, giving the holder exclusive rights to the invention for a certain period.