2. Highlight for the answer: for each (a- d) statement as Positive/Normative. a. The price of gasoline came down sharply during the second half of 2006. Positive / Normative b. If the government were to set a maximum legal price on gasoline, then there would be a shortage of gasoline. Positive/Normative C. Income taxes should be reduced. Positive/Normative d. The federal government obtains much of its revenue from income taxes. Positive/Normative

2. Highlight for the answer: for each (a- d) statement as Positive/Normative. a. The price of gasoline came down sharply during the second half of 2006. Positive / Normative b. If the government were to set a maximum legal price on gasoline, then there would be a shortage of gasoline. Positive/Normative C. Income taxes should be reduced. Positive/Normative d. The federal government obtains much of its revenue from income taxes. Positive/Normative

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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