Homework Answers
The government must take action to reduce the unemployment rate. NORMATIVE
Society faces a short-run trade-off between inflation and unemployment . POSITIVE
A reduction in the rate of money growth will reduce the rate of inflation. POSITIVE
Limiting unemployment benefits to only two years increases the incentive to look for jobs. POSITIVE
The government should provide basic healthcare to all citizens. NORMATIVE
ANSWER :
First one : Normative
Second one : Positive
Third one : Positive
Fourth one : Positive
Fifth one : Normative
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6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Statement...
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive...
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive Normative Statement A reduction in the rate of money growth will reduce the rate of inflation. Lower tax rates encourage more work and more saving Policy makers face trade-off between equality and efficlency. The government should limit unemployment benefits to last for only two years. Economic development should not take place at the expense of social justice.
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive...
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive Normative Statement A reduction in the rate of money growth will reduce the rate of inflation. Lower tax rates encourage more work and more saving Policy makers face trade-off between equality and efficlency. The government should limit unemployment benefits to last for only two years. Economic development should not take place at the expense of social justice.
Classify each of the following statements as positive or normative. Positive Normative Statement Firms can increase...
Classify each of the following statements as positive or normative. Positive Normative Statement Firms can increase sales by lowering product prices. Lower tax rates encourage more work and more saving. Economic development should not take place at the expense of social Justice. Society should reduce pollution at all costs. A reduction in the rate of money growth will reduce the rate of inflation. Classify the following topics as relating to microeconomics or macroeconomics. Topic The relationship between the inflation rate...
can you please explain these as well Classify each of the following statements as positive (fact...
can you please explain these as well
Classify each of the following statements as positive (fact based) or normative (opinion based). Explain. 1. Society faces a short-run tradeoff between inflation and unemployment. 2. In a market, when quantity supplied exceeds quantity demanded, price tends to fall. 3. When determining tax rates, the government should take into account the income needs of individuals. 4. The Federal Reserve should reduce the rate of growth of money. 5. Lower tax rates encourage more...
4. Problems and Applications Q4 An economy consists of three workers: Rajiv, Yakov, and Charles. Each...
4. Problems and Applications Q4 An economy consists of three workers: Rajiv, Yakov, and Charles. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Rajiv can either mow 2 lawns or wash 1 car; Yakov can either mow 1 lawn or wash 1 car; and Charles can either mow 1 lawn or wash 2 cars. For each of the scenarios listed in the following table, determine how many lawns will...
Which of the following is not an example of a positive, as opposed to normative, statement?...
Which of the following is not an example of a positive, as opposed to normative, statement? a. Higher gasoline prices will reduce gasoline consumption. b. Equality is more important than efficiency. c. Trade restrictions lower our standard of living. d. If a nation wants to avoid inflation, it will restrict the growth rate of the quantity of money.
2. Identify each of the following statements as either positive or normative. (a) Society is better...
2. Identify each of the following statements as either positive or normative. (a) Society is better off if we restrict trade with other countries. (b) We should not increase taxes on the rich or the middle class. (c) An increase in the minimum wage will cause more unemployment for teenagers. (d) The government increases spending by providing more health care.
5. What is the difference between a positive economic statement and a normative economic statement? Determine...
5. What is the difference between a positive economic statement and a normative economic statement? Determine whether each of the following is primarily a positive economic statement or normative economic statement: A) The current unemployment rate is below 4% in 2018 B) The inflation rate in the United States is too low C) The Government should increase the minimum wage D) U.S. trade restrictions cost consumers $125 billion annually
5. Problems and Applications Q5 Classify the following topics as relating to microeconomics or macroeconomics. Topic...
5. Problems and Applications Q5 Classify the following topics as relating to microeconomics or macroeconomics. Topic The effect of government subsidies on the agricultural industry The effect of a change in price of one good on a related good The effect of minimum-wage law on unemployment A firm's decision about whether to continue production or to shut down The relationship between the inflation rate and the unemployment rate Microeconomics Macroeconomics Grade It Now Save & Continue Continue without saving
14. Indicate and explain whether each of the following is a positive or normative statement a....
14. Indicate and explain whether each of the following is a positive or normative statement a. The unemployment rate in the United States was 6.8% in August of 1991. b. The general price level rose by 4.4% last year. c. Inflation should be reduced by government policies. d. The government should provide health insurance for all. e. About 48 million people are currently estimated to be uninsured.
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive Normative Statement A reduction in the rate of money growth will reduce the rate of inflation. Lower tax rates encourage more work and more saving Policy makers face trade-off between equality and efficlency. The government should limit unemployment benefits to last for only two years. Economic development should not take place at the expense of social justice.
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive Normative Statement A reduction in the rate of money growth will reduce the rate of inflation. Lower tax rates encourage more work and more saving Policy makers face trade-off between equality and efficlency. The government should limit unemployment benefits to last for only two years. Economic development should not take place at the expense of social justice.
Classify each of the following statements as positive or normative. Positive Normative Statement Firms can increase sales by lowering product prices. Lower tax rates encourage more work and more saving. Economic development should not take place at the expense of social Justice. Society should reduce pollution at all costs. A reduction in the rate of money growth will reduce the rate of inflation. Classify the following topics as relating to microeconomics or macroeconomics. Topic The relationship between the inflation rate...
can you please explain these as well
Classify each of the following statements as positive (fact based) or normative (opinion based). Explain. 1. Society faces a short-run tradeoff between inflation and unemployment. 2. In a market, when quantity supplied exceeds quantity demanded, price tends to fall. 3. When determining tax rates, the government should take into account the income needs of individuals. 4. The Federal Reserve should reduce the rate of growth of money. 5. Lower tax rates encourage more...
4. Problems and Applications Q4 An economy consists of three workers: Rajiv, Yakov, and Charles. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Rajiv can either mow 2 lawns or wash 1 car; Yakov can either mow 1 lawn or wash 1 car; and Charles can either mow 1 lawn or wash 2 cars. For each of the scenarios listed in the following table, determine how many lawns will...
2. Identify each of the following statements as either positive or normative. (a) Society is better off if we restrict trade with other countries. (b) We should not increase taxes on the rich or the middle class. (c) An increase in the minimum wage will cause more unemployment for teenagers. (d) The government increases spending by providing more health care.
5. Problems and Applications Q5 Classify the following topics as relating to microeconomics or macroeconomics. Topic The effect of government subsidies on the agricultural industry The effect of a change in price of one good on a related good The effect of minimum-wage law on unemployment A firm's decision about whether to continue production or to shut down The relationship between the inflation rate and the unemployment rate Microeconomics Macroeconomics Grade It Now Save & Continue Continue without saving
14. Indicate and explain whether each of the following is a positive or normative statement a. The unemployment rate in the United States was 6.8% in August of 1991. b. The general price level rose by 4.4% last year. c. Inflation should be reduced by government policies. d. The government should provide health insurance for all. e. About 48 million people are currently estimated to be uninsured.
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