If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

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Answer 1

Question

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

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Which of the following describes the statement "A fall in the supply of petrol will lead to an increase in its price"? a. Positive statement b. Negative statement c. Opinion statement d. Normative statement

Answer 2

Question

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

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Answer 3

Question

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

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Answer 4

Question

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

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Answer 5

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

Answer 6

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

Answer 7

Chapter 1, Problem 18QE

(a)

To determine

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

Answer 8

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

Answer 9

(b)

To determine

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

Answer 10

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

Answer 11

(c)

To determine

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

Answer 12

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

Answer 13

(d)

To determine

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 1.1 - Prob. 1Q Ch. 1.1 - Prob. 2Q Ch. 1.1 - Prob. 3Q Ch. 1.1 - Prob. 4Q Ch. 1.1 - Prob. 5Q Ch. 1.1 - Prob. 6Q Ch. 1.1 - Prob. 7Q Ch. 1.1 - Prob. 8Q Ch. 1.1 - Prob. 9Q Ch. 1.1 - Prob. 10Q

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

Solution Summary: The author identifies positive, normative, or art of economies, and the government should determine the tax rate. Normative economics expresses the value of the judgment about the economic fairness.

Concept explainers

If quantity supplied exceeds the quantity, then price tends to fall, identify whether the statement belongs to positive, normative or art of economies.

The government should take into account to determine the tax rate, identify whether the statement belongs to positive, normative or art of economies.

If the broad–based tax is preferred to narrowly based tax, whether the statement belongs to positive, normative or art of economies.

Identify if country ‘C’ allows the trading of water right, it will allow economic force, whether the statement belongs to positive, normative or art of economies.

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Chapter 1 Solutions