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: if you want to have anything good you have to do it yourself violates which principle of economics

A: This violates the principle of Economics that says "Trade can make everyone better off". This…

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A: An economic system is defined as a system of allocating scarce resources. The economic system has to…

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Q: Why did ancient Rome advocate natural economy and oppose commodity economy? Explain in detail

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Q: How can we say that economics is considered as social science or how economics is defined as social…

A:

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

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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."

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A: Microeconomics and Macroeconomics are the two important branches of study of economics.

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Q: What is Economics? And why was Alfred Marshal’s theory criticized?

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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

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

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Q: He described economics as a science of material welfare A. Robbins B. Marshall C. Ricardo D. Keynes

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

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

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Q: Define positive and normative statements and give four examples of each.

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

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Q: 1. How is economics a science? 2. Why do economists make assumptions?

A: 1)Economics is a social science, which is related to the concept of governing and be based on the…

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.