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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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Only questions 2 a-d It’s either positive or normative
2. Highlight for the answer: for each (a- d) statement as Positive/Normative. The price of gasoline came down sharply during the second half of 2006. Positive / a. 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 3. Mallory decides to spend three hours working overtime rather than watching a video with her friends. She earns $8 an hour. Her opportunity cost of working is (Highlight one for the answer) the $24 she earns working $ & 4. 7 9. y u
Transcribed Image Text:2. Highlight for the answer: for each (a- d) statement as Positive/Normative. The price of gasoline came down sharply during the second half of 2006. Positive / a. 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 3. Mallory decides to spend three hours working overtime rather than watching a video with her friends. She earns $8 an hour. Her opportunity cost of working is (Highlight one for the answer) the $24 she earns working $ & 4. 7 9. y u
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