1. Define positive and normative economics.2. Is the following positive statements or normative statements? The government should send families $1000 per child even if they do not pay taxes.Rich people are healthier than poor people?Growth in Barbados is slower than growth in Bermuda?The Caribbean should pursue a free trade agreement with the USA? Income taxes are hurting the poor and should be eliminated?3. a. What is market equilibrium? b. What can cause market disequilibrium?4 . Under a country's production possibilities frontier when is an economic outcome said to be (a) efficient and (b) inefficient?

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Define positive and normative economics.

2. Is the following positive statements or normative statements?

The government should send families $1000 per child even if they do not pay taxes.
Rich people are healthier than poor people?
Growth in Barbados is slower than growth in Bermuda?
The Caribbean should pursue a free trade agreement with the USA?
Income taxes are hurting the poor and should be eliminated?

3. a. What is market equilibrium?

b. What can cause market disequilibrium?

4 . Under a country's production possibilities frontier when is an economic outcome said to be (a) efficient and (b) inefficient?

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

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