In economics, the difference between normative and positive is that: -normative economics focuses on individual markets -Normative economics looks at the "bigger picture" -normative economics is an unbiased attempt to understand how the economy works -normative economics

Q: Normative economics is:    a. An investigation or statement about the norms and culture of other…

A: The study about the scarce allocation of resources among the people of the society is referred to as…

Q: Label each entry in the list as dealing with a microeconomic topic or a macroeconomic topic. Explain…

A: The Micro economics deal with economic problem at the micro level or individual level. While the…

Q: Which of the following is a normative macroeconomics statement? The rise in gasoline price had an…

A: There are two kinds of economics which direct the decision making in the economy.  1. Positive…

Q: 2.) "When deciding how many toppings to get on my pizza, I chose the number of toppings so that the…

A: "Correct answer is option d) i.e. making decisions on the margin."

Q: Give one example each of a positive and a normative statement.  Use your own example and not one…

A: The value of economic fairness, or what the economy "should" or "ought to be," is that the focus of…

Q: Economists sometimes disagree; why? Group of answer choices A. by not computing the opportunity cost…

A: The correct option is C. Normative statements are those which are related to 'what ought to be'.…

Q: Determine if the following statement is normative or positive: Households that participate in SNAP…

A: SNAP: SNAP advances long-haul wellbeing and prosperity, particularly for kids. Research shows that…

Q: 1. Which of the following statements is a normative as opposed to a positive economic statement?…

A: Normative statements are value or judgment-based. They are opinions and cannot be factually…

Q: None

A: Microeconomics focuses on the behaviour of individual units within the economy—such as households,…

Q: Which of the following is a question answered with normative economic reasoning? O If the college…

A: Positive economic statements:  A positive economic statement is based on empirical data and facts,…

Q: Economics is the study of all of the following except: a. how the prices of goods and services…

A: Financial issues are an interesting and complex area to understand how the social order uses limited…

Q: Which of the following is an example of a microeconomic issue? A.  The unemployment rate is…

A: Individual economic units are studied in microeconomics. Macroeconomics is an economics branch that…

Q: Classify the following questions as Microeconomics or Macroeconomics and provide a justification for…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: Can you confirm that I am correct with these positive and normative statements: Positive statement:…

A: Before commenting on the type of the statements, it is important to know about the concept of…

Q: 2. Highlight for the answer: for each (a- d) statement as Positive/Normative. a. The price of…

A: The economics is the study of society and the individuals. It shows how the people earn their…

Q: “Market forces should be allowed to allocate resources”. Is this a positive or normative  statement?

A: When talking about economic statements, it can be said that these statements are classified as…

Q: 3. Is each of the following statements positive or normative? If the statement is positive, write a…

A: A normative statement expresses a value judgement. This is the speaker's opinion; no one can "prove"…

Q: In your own words, explain what is meant by the "invisible hand" in economics. Use a specific…

A: This idea lines up with free enterprise financial aspects, which comes from the French expression…

Q: What determines whether or not a resource is scarce? Why is the concept of scarcity important to the…

A: The scarcity of resources is determined when the demand for resources is more than the availability…

Q: Define economics. What are the differences between microeconomics and macroeconomics.

A: The social science of economics examines how products and services are made, distributed, and…

Laffer Curve Analysis

In terms of economics, the Laffer curve was popular among those economists who were or who belonged to the supply side of the economic peripheral.  This concept was popularized by the famous supply-side economist known as Arthur Laffer. This curve illustrated the relationship between the tax rates and government revenue. It is already known that the tax which the public or individuals residing in an economy bear is the revenue or income of the government with the help of which the government does all the necessary works in the society, which is beneficial for the economy.