Question 1. What is the difference between normative and positive approaches to public policy?

Q: Which of this is a following is a normative statement: Select one: The correlation between the…

A: Normative statements are not true statements rather they are based on assumptions and value…

Q: Economist Adam Smith referred to "the invisible hand" of the market, but that invisible hand is…

A: Economist Adam smith was a classical economist who promoted free market economy in the world and the…

Q: Market failure means that?

A: The reasons for the market failure can be due to the: positive and the negative externalities,…

Q: I don't understand how to draw a production possibilities frontier.

A: The production possibility frontier (PPF) shows the combinations of output that the economy can…

Q: The "Freshwater" school of economic thought is commonly associated with - a. Richard Thaler b.…

A: The economics as a study is based upon the idea that each society tend to have a limited amount of…

Q: Which of the following do economists not generally regard as a legitimate reason for the government…

A: Classical economists contend the role of government should be small and on second thought the…

Q: What is microeconomics and demand.

A: Microeconomics is a branch of economics that studies the economic actions of individuals in a…

Q: What is the difference between positive and normative economics? Why are positive questions easier…

A: Positive economics is a stream of economics focused on identifying, quantifying, and explaining…

Q: In a market system, provide an example for when government can enhance or harm any of the processes…

A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…

Q: What kinds of inequalities we are facing in "free market" according to Milton Friedman?

A: Free market also known as capitalism where economic decision is taken by the market forces with…

Q: Read the text below. Use the words to the right of the text to form a word that fits the context.…

A: (1) the distribution.   (2) Economies.   (3) Compare.   (4) Various.   (5) View.

Q: What mechanism guides the invisible hand? A. Price Mechanism B. Trust C. External Costs D. Market…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first question for you. If…

Q: During the Middle-Ages, the African city of Taghaza (located in modern day Mali and known as one of…

A: Elasticity of demand measures how responsive people are to price changes for a particular good. In…