Question 3The difference between positive and normative economics is best summarized as saying thatpositive economics is descriptive, while normative economics is prescriptive.O positive economics is pessimistic, while normative economics is optimistic.O positive economics is objective, while normative economics is biased.O positive economics is biased, while normative economics is objective.

Economics is a social science that describes human behavior in terms of their unlimited wants that…

Question 3 The difference between positive and normative economics is best summarized as saying that positive economics is descriptive, while normative economics is prescriptive. positive economics is pessimistic, while normative economics is optimistic. O positive economics is objective, while normative economics is biased. O positive economics is biased, while normative economics is objective.

Question 3 The difference between positive and normative economics is best summarized as saying that positive economics is descriptive, while normative economics is prescriptive. positive economics is pessimistic, while normative economics is optimistic. O positive economics is objective, while normative economics is biased. O positive economics is biased, while normative economics is objective.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 7SCQ: Would a research study on the effects of soft drink consumption on childrens cognitive development...

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Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
people are rational QUESTION 7 Ben says that "an increase in the tax on beer will raise its price." Holly arques that "taxes should be increased on beer because college students drink to0 much." We can conclude that: O A. Both statements are O C. Ben's statement is normative, but Holly's is positive D. Holly's statement is normative, but Ben's is positive O B. Both statements are positive normative
QUESTION 19 Mohamed says that "gas prices are rising because there aren't enough oil refineries." Ahmed argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that O A. Mohamed's statement is positive, but O B. Ahmed's statement is positive, but Ahmed's is normative. OC.Both statements are positive. D. Both Mohamed's is normative. statements are normative
In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? O Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. O Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. O Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. O More than one of the above.
Identify the scarcity definition of economics from the following. a. None of these O b. ways to reduce wants to remove the problem of scarcity. O c. the choices we make because of shortage of resources. O d. the distribution of surplus goods to those in need.
QUESTION 1 Which of the following is an example of a microeconomic issue? O The government passes legislation that aims to improve the economy. O The unemployment rate is approximately 4%. O Aretailer decides to hire 1,000 new employees in the United States as part of its expansion program O The central bank engages in policy aimed at reducing inflation. QUESTION 2 Suppose a state aims to make it easier for people to purchase school supplies for children by exempting these purchases from sales taxes. Such programs are often called "sales tax holidays." identify which of the following would be considered an unintended consequence of this pollcy. An increase in prices by retailers expecting higher demand during the sales tax holiday. O An increase in purchanes just prior to and immediately following the sales tar holiday. O A large increase in net sales. O Asteep dedine in sales during the sales tax holiday.
A possible headline from the local media is: "The government should ban hand guns" This headline provides an example of a O A. normative statement about a microeconomic issue O B. non-economic positive statement O C. positive statement about a macroeconomic issue O D. positive statement about a microeconomic issue O E. non-economic normative statement
Which of the following is an example of a normative statement? Select one: O a. An increase in the price of tea will decrease the amount of tea purchased. However, it will increase the amount of coffee purchased. b. The minimum wage led to increase unemployment and unskilled workers O c. None of the answers are correct O d. the inflation has increased in India by 50% in the past three years e. Reducing taxes have positive impact on the economic growth
The supply curve is Choose the best options from the choices below. sloping, which means that of a good will be supplied at higher prices. O a. upward; less O b. downward; less Oc upward; more O d. downward; more From the following find the difference between Positive and Normative statements? O a. normative statements can be tested whereas positive statements cannot O b. positive statements and normative statements can be graphed Oc normative statements state "what is" and positive statements state "what ought to be." Od. positive statements can be tested whereas normative statements cannot
2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)
Which of the following is the best definition of economics? Select one: O a. The study of how consumers spend their income. O b. The study of how individuals and societies choose to use the resources that nature and previous generations have provided. Oc. The study of how business firms decide what inputs to hire and what outputs to produce. O d. The study of how the Jamaican government allocates tax dollars.
The statement "U.S. Government should raise minimum wage to $15 an hour" is Select one: O a. a normative statement. O b. an objective, prescriptive and positive statement. O c. a negative statement. O d. objective and testable.