Exploring Economics
8th Edition
ISBN: 9781544363356
Author: Robert L. Sexton
Publisher: Sage Publications
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Chapter 1, Problem 8P
To determine
(a)
The kind of statement (normative/ positive or both) it is-higher tax rate would generate increased tax revenues and those extra tax revenues should be used to give more government aid to the poor.
To determine
(b)
The kind of statement (normative/ positive or both) it is-the study of physics is more valuable than the study of sociology, but both should be studied by all college students.
To determine
(c)
The kind of statement (normative/ positive or both) it is-the increase in the price of corn will decrease the amount of corn purchased. However, it will increase the amount of wheat purchased.
To determine
(d)
The kind of statement (normative/ positive or both) it is-A decrease in price of butter will increase the amount of butter purchased, but that would be bad because it would increase American's cholesterol levels.
To determine
(e)
The kind of statement (normative/ positive or both) it is-The birth rate is reduced as economies urbanize, but it also leads to a decreased average age of developing countries' population.
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Hello Professor,
A rise in consumption in the economy would cause an increase in aggregate demand. Therefore, when consumers spend money on everyday goods and services, it not only helps to stimulate economic growth, but it could also present potential issues like unsustainable debt levels or inflation. I believe that it would be beneficial to consider such factors and adopt a purchasing strategy to help navigate the challenges posed by inflation or unsustainable debt levels.
First, do you think our business will be affected because inflation is rising? How?
Yes, I do believe that the business will be affected because of inflationary pressures. Inflation rising will affect the cost of goods, services, and labor, which could lead to higher operating expenses. The potential reduction of profit margin because of inflation could lead to a smaller percentage of revenue being retained as profit. Therefore, inflation rising will force us to raise prices for…
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