Classify the below statements as positive or normative statements:• Canada and Japan account for sizeable portions of the other's exports.• The free trade deal reduces tariffs between the two countries and provides increased access to consumer markets forexporters.Canada and Japan should seek other methods of increasing trade.• The free trade deal between Canada and Japan increases the overall economic well-being (economic surplus) of bothcountries.

Answered: Classify the below statements as…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Classify the below statements as positive or normative statements:
• Canada and Japan account for sizeable portions of the other's exports.
• The free trade deal reduces tariffs between the two countries and provides increased access to consumer markets for
exporters.
Canada and Japan should seek other methods of increasing trade.
• The free trade deal between Canada and Japan increases the overall economic well-being (economic surplus) of both
countries.

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Normative economics and Positive economics are two standard parts of present-day financial matters. Positive financial matters depict and clarify different monetary marvels, while normative centres around the estimation of economic reasonableness or what the economy ought to be. To lay it out plainly, positive economics is known as the "what is" part of financial matters. Normative economics, then again, is viewed as the part of financial matters that attempts to decide individuals' allure to various monetary projects and conditions by asking what "ought to" be for sure "should" to be.

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