Identify the normative statement out of the following statements. 1) Sri Lanka has reported a negative economic growth in year 2020 2) When the price of a normal good increases, its quantity demandedgoes up 3) It is the responsibility of the government to offer free education and health. 4) Law of diminishing returns decide the behavior of short run cost of productic 5) Trade deficit has decreased in the year 2020.

Identify the normative statement out of the following statements. 1) Sri Lanka has reported a negative economic growth in year 2020 2) When the price of a normal good increases, its quantity demandedgoes up 3) It is the responsibility of the government to offer free education and health. 4) Law of diminishing returns decide the behavior of short run cost of productic 5) Trade deficit has decreased in the year 2020.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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