Factors of production are normative are studied primarily in represent the classification of different resources available to an represent the trade-offs as you move along the demand represent the trade-offs as you move along the isoquant.

Factors of production are normative are studied primarily in represent the classification of different resources available to an represent the trade-offs as you move along the demand represent the trade-offs as you move along the isoquant.

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter3: The Fundamental Economic Problem: Scarcity And Choice

Section: Chapter Questions

Problem 5DQ

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Positive economics is Oa based only on true statements Ob. similar to normative economics O cobjective and fact based Od. based on opinions A Positive statement Oa is a statement of what is Obsastaterment of what ought to be Oc cannot be tested by checking it against the tacts Od None of these
In the production process, both the average product and marginal product of the variable input rise first, then fall, and then rise to infinity False True the government should spend less money to take care of a national park they are testing an economic model making a positive statement making a normative statement O not dealing with scarcity
Hello experts, I have posted this question many times in chegg, but every time people answering this question to use ai tool like chatgpt, please dont use gpt and other ai tool. Question: When we assume that what is true for the part is also true for the whole, we are committing (A) the post hoc fallacy (B) failure to hold other things constant (C) the fallacy of composition (D) normative fallacy Please Don't use chatgpt or other ai tool. If you know correct answer then attempt if you gave wrong answer then i gave 37 dislikes for you and more from my friends accounts also.
1.1 Factors of production A. are normative concepts. B. are studied primarily in microeconomics. C. represent the classification of different resources available to an economy. D. represent the trade-offs as you move along the demand curve. E. represent the trade-offs as you move along the isoquant curve. Use the following information to answer questions 1.2 to 1.4: Suppose the demand for a product can be represented by Qd = 100 - 5P, while the supply is given by the equation Qs = -12 + 3P, where price is in rand. 1.2 The equilibrium price for the product is the following: A. R6.67 В. R15 С. R5 D. R20 E. None of the above values. 1.3 At the equilibrium, the quantity is А. 45. В. 33. C. 18. D. 25. E. None of the above values.
. Categorize each of the following statements as being the result of either positive economic analysis or normative economic analysis: The government should provide free childcare to increase gender equality in the labor market. An increase in the capital gains tax rate reduces the total amount of business investment in the economy. An increase in unemployment insurance will increase the length of time that laid-off workers remain unemployed. Large businesses should focus more on corporate social responsibility and pay more attention to their environmental impact.
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Which would be a normative economic statement? CThe poverty rate hit a new high last year C Prices are increasing at a rate of 3 percent a year This administration needs to raise taxes to pay for childcare programs Retail sales were flat last month and continue on their downward trend « Previous
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Which of the following is an example of a normative statement? Select one: O a. None of the answers are correct Ob. An increase in the price of tea will decrease the amount of tea purchased. However, it will increase the amount of coffee purchased. c. Reducing taxes have positive impact on the economic growth O d. The minimum wage led to increase unemployment and unskilled workers O e. the inflation has increased in India by 50% in the past three years Next page
What is the difference between positive and normative economic analysis? Give anexample for each.
What is normative statement, explain with an example?
Determine whether the following statements are normative or positive? 1. The unemployment rate increased significantly during the COVID pandemic 2. The federal government should extend unemployment insurance as the economy is still struggling ? 3. Each state should control the amount of unemployment benefit issued to unemployed workers ? ? A. Positive B. Normative