Which Is a Normative Economic Statement

question 207

Multiple Choice

Which is a normative economic statement?

• A) Tests should always be hard to ensure that students are challenged.
• B) Quantity demanded for steak will fall if the price of steak rises.
• C) Hot dogs and hot dog buns are generally complementary goods.
• D) Each of these three statements uses normative economics.

Identify and analyze the judicial review process of agency decisions, including the standards and scope of review.

Understand the significance and process of public participation in the rule-making process, including the necessity for agencies to respond to public comments.

Grasp the concept of hybrid rule-making and its procedural stages.

Appreciate the importance of privacy rights and understand the limits and guarantees of the Privacy Act of 1974.

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Definitions:

Wilmot Proviso

A proposed amendment to a bill in the U.S. Congress in 1846 aiming to ban slavery in territory acquired from Mexico.

Fugitive Slave Law of 1850

Part of the Compromise of 1850, this law required citizens to assist in the capture of runaway slaves and denied fugitives the right to a jury trial.

Northwest Ordinance

A law passed in 1787 by the Congress of the Confederation of the United States to create a structured process for territories in the Northwest to become states.

Missouri Compromise

A legislative agreement passed in 1820 between the pro-slavery and anti-slavery factions in the United States Congress, involving primarily the regulation of slavery in the western territories.