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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Problem 1-Experiments/Randomized Control TrialSuppose you are interested in studying the effect of being a part of the labor union on anindividual’s hourly wage.You collect data on 1000 people and run the following regression. where is a dummy variable which is equal t to 1 for people who are a part of labor union and0 for others. a. Suppose you estimate . Interpret b. Do you think is biased or unbiased? Explain. Now suppose you conduct a randomized control trial to answer the same question. Yourandomly assign some individuals to be a part of the labor union and others to not be a partof the labor union. The first step you take is to ensure that the randomization was donecorrectly. Then you estimate the following equation: =1 if the student is assigned to be a part of Labor Union=0 if the student is assigned to not be a part of Labor Union c. Why is it important to ensure that the randomization is done correctly? d. Name any two variables that you can use to test if Treatment and…

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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.

Expert Solution & Answer

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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