**Question: Which would be a normative economic statement?**- The poverty rate hit a new high last year- Prices are increasing at a rate of 3 percent a year- This administration needs to raise taxes to pay for childcare programs- Retail sales were flat last month and continue on their downward trend**Explanation:**This multiple-choice question is designed to assess the understanding of normative versus positive economic statements. A normative economic statement reflects opinions or beliefs about what ought to be, rather than statements of fact. The correct answer can be identified by looking for a statement that includes subjective terms or indicates a value judgment.

Answer - Normative Economic Statement : - It is statement that indicates opnion of an individual .…

Which would be a normative economic statement? C The poverty rate hit a new high last year C Prices are increasing at a rate of 3 percent a year C This administration needs to raise taxes to pay for childcare programs C Retail sales were flat last month and continue on their downward trend

Which would be a normative economic statement? C The poverty rate hit a new high last year C Prices are increasing at a rate of 3 percent a year C This administration needs to raise taxes to pay for childcare programs C Retail sales were flat last month and continue on their downward trend

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

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.

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