Homework Answers
The positive and normative economics are two branches of the economics , the positive economics deals with the question of 'what is ' and the normative economics deals with the question of 'what ought to be'. The postive economics based on the statement of the fact and the normative economics based on opinions. The positive economics is objective and normative is subjective because it comes from opinions. The positive economic statements can be tested and proved while the normative economics cannot be. The positive economics describes any economic iisues while the normative economics provides solutions for it .
Ex:
Positive : There is higher level of inflation in the economy.
Normative: The government should introduce contractionary policy to fight the inflation.
Positive : If the price of petrol goes up it will negatively affect the production of the economy.
Normative: We should not allow the gas prices to go up.
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5. Distinguish between Normative Economics and Positive Economics, with suitable examples.
Answer all questions clearly: 1. Distinguish between: a. Positive Economics & Normative Economics b. Labor &...
Answer all questions clearly: 1. Distinguish between: a. Positive Economics & Normative Economics b. Labor & the Entrepreneur 2. If the economy is experiencing a severe recession is that going to be shown in the production Possibility curve by a point on the curve or a point inside the curve? Explain. 3. Explain the difference between the Market System & the Command System. In which countries do we find each
Categorize examples of either positive or normative economics, and as examples of either macroeconomics or microeconomics...
Categorize examples of either positive or normative economics, and as examples of either macroeconomics or microeconomics and why is that? 1. Monetary policymakers should do everything they can to reduce the unemployment rate. 2. If there is an increase in the price of gasoline, the quantity purchased will decrease. 3. Budget deficits typically lead to higher rates of inflation. 4. It is important to invest in preschool programs to improve labor-market outcomes for individuals when they reach adulthood.
Define and Explain: Normative & Positive Economics Evaluation Title: Normative and Positive Economics Create your work...
Define and Explain: Normative & Positive Economics Evaluation Title: Normative and Positive Economics Create your work into a Microsoft Word document and answer the following. Unit 1 Assessment- Normative and Positive Define: Briefly define the following two terms in your own words: Positive economics Normative economics Each definition should be a minimum of one to two well-developed paragraphs. Explain: For the sake of argument (and this assignment) assume that global warming is a fact, caused by human activity and that...
Determine if the following items represent an example of positive economics or normative economics The richest...
Determine if the following items represent an example of positive economics or normative economics The richest 1% of Americans should pay more taxes than the rest of the 99%. Positive Economics O Normative Economics A decrease in the supply of coconut will increase the price of German chocolate cake, a good which requires coconut shavings as a key ingredient. O Normative Economics Positive Economics minimum wage, the higher the price of goods and services The higher the is likely to...
Classify each characteristic according to whether it describes positive economics or normative economics. Positive economics Normative...
Classify each characteristic according to whether it describes positive economics or normative economics. Positive economics Normative economics Answer Bank describes current economic events involves recommendations or arguments about what should be is concerned with making predictions about how the economy will change as a result of specific events is concerned with how a variety of moral or ethical questions should be solved is concerned with the effects an economic decision will have on people and not how they will feel...
What is normative economics? What is an example of normative decision, include the positive analysis and...
What is normative economics? What is an example of normative decision, include the positive analysis and how that helps form normative decision.
Explain whether each of the following statements is an example of Normative Economics or Positive Economics?...
Explain whether each of the following statements is an example of Normative Economics or Positive Economics? Please explain each answer by stating clearly what about each statement made you answer normative or positive. (If you say the statement is testable or not testable, you must tell me exactly why you said so. Be as clear as possible to avoid losing points.) (a) Too many people in California are on welfare assistance. (b) The Trump Tax cuts will lead to lower...
1) Distinguish between “Strategic Form' games and 'Extensive Form games. Give suitable examples for games where...
1) Distinguish between “Strategic Form' games and 'Extensive Form games. Give suitable examples for games where the players have complete, but imperfect information.
4. Economics is sometimes broken down into different categories. 1. Define positive and normative economics. 2....
4. Economics is sometimes broken down into different categories. 1. Define positive and normative economics. 2. Write your own example of a positive economic statement 3. Write your own example of a normative economic statement. Define microeconomics and macroeconomics. 5. Categorize the following as microeconomic or macroeconomic questions and explain why: a. What are the differences between the dairy industry and the airline industry? b. Why are unemployment rates for teenagers rising? c. Why are prices falling in the digital...
Give two examples a positive economic statement and 2 examples of a normative economic statement
Give two examples a positive economic statement and 2 examples of a normative economic statement
Answer all questions clearly: 1. Distinguish between: a. Positive Economics & Normative Economics b. Labor & the Entrepreneur 2. If the economy is experiencing a severe recession is that going to be shown in the production Possibility curve by a point on the curve or a point inside the curve? Explain. 3. Explain the difference between the Market System & the Command System. In which countries do we find each
Determine if the following items represent an example of positive economics or normative economics The richest 1% of Americans should pay more taxes than the rest of the 99%. Positive Economics O Normative Economics A decrease in the supply of coconut will increase the price of German chocolate cake, a good which requires coconut shavings as a key ingredient. O Normative Economics Positive Economics minimum wage, the higher the price of goods and services The higher the is likely to...
Classify each characteristic according to whether it describes positive economics or normative economics. Positive economics Normative economics Answer Bank describes current economic events involves recommendations or arguments about what should be is concerned with making predictions about how the economy will change as a result of specific events is concerned with how a variety of moral or ethical questions should be solved is concerned with the effects an economic decision will have on people and not how they will feel...
1) Distinguish between “Strategic Form' games and 'Extensive Form games. Give suitable examples for games where the players have complete, but imperfect information.
4. Economics is sometimes broken down into different categories. 1. Define positive and normative economics. 2. Write your own example of a positive economic statement 3. Write your own example of a normative economic statement. Define microeconomics and macroeconomics. 5. Categorize the following as microeconomic or macroeconomic questions and explain why: a. What are the differences between the dairy industry and the airline industry? b. Why are unemployment rates for teenagers rising? c. Why are prices falling in the digital...
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