Which areas of disagreement involve positive statements

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Reference no: EM13895041

In the debate about whether the central bank should aim for zero inflation, which areas of disagreement involve positive statements and which involve normative judgments?

Whether the costs of inflation are large or small
Determining the size of the costs of reducing inflation
Whether the Fed should reduce inflation to zero

Suppose the federal government cuts taxes and increases spending, raising the budget deficit to 12 percent of GDP. If nominal GDP is rising 5 percent per year, such budget deficits selector 1

are not
are

sustainable forever. As a result, future generations will likely pay selector 2

higher
roughly equal
lower

taxes.

For each of the following policies, indicate if it redistributes income from young to old generations or from old to young generations.

An increase in the budget deficit
More generous subsidies for education loans
Greater investments in highways and bridges
An increase in Social Security benefits

Reference no: EM13895041

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