Which of the Following Is a Positive Economic Statement

question 31

Multiple Choice

Which of the following is a positive economic statement?

• A)Everyone should live at the same standard of living.
• B)If the price of gasoline rises,a smaller quantity of it will be bought.
• C)The government should close income tax loopholes.
• D)U.S.firms should not be allowed to outsource production of goods and services.

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Definitions:

Legislation

Laws or legal statutes that have been enacted by a governing body, such as a parliament or congress.

Social Equality

The situation where members of a society enjoy equality in aspects such as civil rights, freedom of speech, rights to own property, and the availability of services and social goods on an equal basis.

Washing Machine

A household appliance designed for washing clothing and textiles using water and detergent.

Automobile

A wheeled motor vehicle designed for transporting passengers, which has become a fundamental aspect of modern society by providing personal mobility and shaping urban development.