"The US Government Should Not Use My Tax Dollars to Subsidize

question 96

Multiple Choice

"The U.S. government should not use my tax dollars to subsidize people on welfare"

• A) is a positive economic statement because it simply describes one person's opinion.
• B) is a normative economic statement because it involves a value judgment about an economic policy.
• C) is a positive economic statement because it predicts that my tax dollars will go to welfare.
• D) is a normative economic statement because it is a scientific fact.

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Definitions:

General Journal Entries

The records of financial transactions in the chronological order in which they occur, used as a preliminary step in building the company's financial statements.

Raw Materials

The basic materials that are used in the manufacturing process to create finished goods.

Direct Labor

The wages or costs associated with workers who are directly involved in the production of goods or services.

Indirect Labor Costs

Expenses for labor that supports the production process but is not directly involved in the creation of the product or service.