Positive economic statement versus normative economic statement

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Answer 1

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 2, Problem 1QFR

To determine

Positive economic statement versus normative economic statement

Expert Solution & Answer

Explanation of Solution

Positive economics is an economic stream that puts an emphasis on defining, quantifying, and attempting to explain economic advancements, aspirations and related events. This is based on unbiased analysis of data, significant facts, and related estimates and tries to create cognitive connection that can assist in determining and evaluating the growth of economic principles. These statements are accurate, concise and clearly calculable and they can also be evaluated against substantial proof. Example of positive statement is, medical care provided by the government leads to increase in public expenditure. The statement here is based on facts and does not have an attached value judgment; this can be verified for its authenticity by researching about medical care that governments provide.

Normative economics concentrates more on moral judgments, political and view oriented declarations regarding "what should be" which is directed at investment programs, economic growth and other related scenarios. The goal is to sum up the presence or absence of desirability of people to different social improvements, initiatives and circumstances by citing or enquiring about what can happen or what should happen. Normative statements are quality based and contextual and are derived from the personal point of view, thoughts and emotions of people. They sometimes look or feel ideological or dictatorial but they are a way of making suggestions on what measures are needed. An example of normative statements is that the public should be provided with basic medical care by the government. We can conclude from this example that it is quality based, personally rooted and fulfils the condition of "What must be".

Economics Concept Introduction

Introduction:

The two classic branches of modern economics are positive economics and normative economics. Positive economics defines different economic concepts and explains them. These statements are facts that can be verified and on the other hand normative economics concentrates on the importance of economic equity, they are not facts, instead they're the views and thoughts of some economists who tell us what they believe.

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2.) Using the line drawing tool, plot and label the isocost line. Carefully follow the instructions above, and only draw the required objects. FILL IN BLANK d. Now suppose the price of labour rises to $5 per unit, but the firm still wants to produce 500 tires per day. Explain how a cost-minimizing firm adjusts to this change (with no change in technology). A cost-minimizing firm will be producing on ▼ The samedifferently slopedparallel isocost line. The firm will use ▼ moresameless labour and ▼ less the same amount of more capital and produce on ▼ a higher point on the same a lower point on the same a lower a higher isoquant curve.

QK Using the graph on the right, determine how the firm should change the quantity of the production factors in order to reduce the costs. The firm that is producing at point A can reduce its costs for producing 2000 units by employing A. same capital and more labour. B. less capital and more labour. ○ C. less capital and the same labour. D. more capital and more labour. OE. more capital and less labour. C A B Q =4000 Q = 2000 C Isocost line QL

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Answer 2

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 2, Problem 1QFR

To determine

Positive economic statement versus normative economic statement

Expert Solution & Answer

Explanation of Solution

Positive economics is an economic stream that puts an emphasis on defining, quantifying, and attempting to explain economic advancements, aspirations and related events. This is based on unbiased analysis of data, significant facts, and related estimates and tries to create cognitive connection that can assist in determining and evaluating the growth of economic principles. These statements are accurate, concise and clearly calculable and they can also be evaluated against substantial proof. Example of positive statement is, medical care provided by the government leads to increase in public expenditure. The statement here is based on facts and does not have an attached value judgment; this can be verified for its authenticity by researching about medical care that governments provide.

Normative economics concentrates more on moral judgments, political and view oriented declarations regarding "what should be" which is directed at investment programs, economic growth and other related scenarios. The goal is to sum up the presence or absence of desirability of people to different social improvements, initiatives and circumstances by citing or enquiring about what can happen or what should happen. Normative statements are quality based and contextual and are derived from the personal point of view, thoughts and emotions of people. They sometimes look or feel ideological or dictatorial but they are a way of making suggestions on what measures are needed. An example of normative statements is that the public should be provided with basic medical care by the government. We can conclude from this example that it is quality based, personally rooted and fulfils the condition of "What must be".

Economics Concept Introduction

Introduction:

The two classic branches of modern economics are positive economics and normative economics. Positive economics defines different economic concepts and explains them. These statements are facts that can be verified and on the other hand normative economics concentrates on the importance of economic equity, they are not facts, instead they're the views and thoughts of some economists who tell us what they believe.

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Answer 3

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 2, Problem 1QFR

To determine

Positive economic statement versus normative economic statement

Expert Solution & Answer

Explanation of Solution

Positive economics is an economic stream that puts an emphasis on defining, quantifying, and attempting to explain economic advancements, aspirations and related events. This is based on unbiased analysis of data, significant facts, and related estimates and tries to create cognitive connection that can assist in determining and evaluating the growth of economic principles. These statements are accurate, concise and clearly calculable and they can also be evaluated against substantial proof. Example of positive statement is, medical care provided by the government leads to increase in public expenditure. The statement here is based on facts and does not have an attached value judgment; this can be verified for its authenticity by researching about medical care that governments provide.

Normative economics concentrates more on moral judgments, political and view oriented declarations regarding "what should be" which is directed at investment programs, economic growth and other related scenarios. The goal is to sum up the presence or absence of desirability of people to different social improvements, initiatives and circumstances by citing or enquiring about what can happen or what should happen. Normative statements are quality based and contextual and are derived from the personal point of view, thoughts and emotions of people. They sometimes look or feel ideological or dictatorial but they are a way of making suggestions on what measures are needed. An example of normative statements is that the public should be provided with basic medical care by the government. We can conclude from this example that it is quality based, personally rooted and fulfils the condition of "What must be".

Economics Concept Introduction

Introduction:

The two classic branches of modern economics are positive economics and normative economics. Positive economics defines different economic concepts and explains them. These statements are facts that can be verified and on the other hand normative economics concentrates on the importance of economic equity, they are not facts, instead they're the views and thoughts of some economists who tell us what they believe.

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Answer 4

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 2, Problem 1QFR

To determine

Positive economic statement versus normative economic statement

Expert Solution & Answer

Explanation of Solution

Positive economics is an economic stream that puts an emphasis on defining, quantifying, and attempting to explain economic advancements, aspirations and related events. This is based on unbiased analysis of data, significant facts, and related estimates and tries to create cognitive connection that can assist in determining and evaluating the growth of economic principles. These statements are accurate, concise and clearly calculable and they can also be evaluated against substantial proof. Example of positive statement is, medical care provided by the government leads to increase in public expenditure. The statement here is based on facts and does not have an attached value judgment; this can be verified for its authenticity by researching about medical care that governments provide.

Normative economics concentrates more on moral judgments, political and view oriented declarations regarding "what should be" which is directed at investment programs, economic growth and other related scenarios. The goal is to sum up the presence or absence of desirability of people to different social improvements, initiatives and circumstances by citing or enquiring about what can happen or what should happen. Normative statements are quality based and contextual and are derived from the personal point of view, thoughts and emotions of people. They sometimes look or feel ideological or dictatorial but they are a way of making suggestions on what measures are needed. An example of normative statements is that the public should be provided with basic medical care by the government. We can conclude from this example that it is quality based, personally rooted and fulfils the condition of "What must be".

Economics Concept Introduction

Introduction:

The two classic branches of modern economics are positive economics and normative economics. Positive economics defines different economic concepts and explains them. These statements are facts that can be verified and on the other hand normative economics concentrates on the importance of economic equity, they are not facts, instead they're the views and thoughts of some economists who tell us what they believe.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 1QFR

To determine

Positive economic statement versus normative economic statement

Expert Solution & Answer

Explanation of Solution

Positive economics is an economic stream that puts an emphasis on defining, quantifying, and attempting to explain economic advancements, aspirations and related events. This is based on unbiased analysis of data, significant facts, and related estimates and tries to create cognitive connection that can assist in determining and evaluating the growth of economic principles. These statements are accurate, concise and clearly calculable and they can also be evaluated against substantial proof. Example of positive statement is, medical care provided by the government leads to increase in public expenditure. The statement here is based on facts and does not have an attached value judgment; this can be verified for its authenticity by researching about medical care that governments provide.

Normative economics concentrates more on moral judgments, political and view oriented declarations regarding "what should be" which is directed at investment programs, economic growth and other related scenarios. The goal is to sum up the presence or absence of desirability of people to different social improvements, initiatives and circumstances by citing or enquiring about what can happen or what should happen. Normative statements are quality based and contextual and are derived from the personal point of view, thoughts and emotions of people. They sometimes look or feel ideological or dictatorial but they are a way of making suggestions on what measures are needed. An example of normative statements is that the public should be provided with basic medical care by the government. We can conclude from this example that it is quality based, personally rooted and fulfils the condition of "What must be".

Economics Concept Introduction

Introduction:

The two classic branches of modern economics are positive economics and normative economics. Positive economics defines different economic concepts and explains them. These statements are facts that can be verified and on the other hand normative economics concentrates on the importance of economic equity, they are not facts, instead they're the views and thoughts of some economists who tell us what they believe.

Answer 6

Chapter 2, Problem 1QFR

To determine

Positive economic statement versus normative economic statement

Expert Solution & Answer

Explanation of Solution

Positive economics is an economic stream that puts an emphasis on defining, quantifying, and attempting to explain economic advancements, aspirations and related events. This is based on unbiased analysis of data, significant facts, and related estimates and tries to create cognitive connection that can assist in determining and evaluating the growth of economic principles. These statements are accurate, concise and clearly calculable and they can also be evaluated against substantial proof. Example of positive statement is, medical care provided by the government leads to increase in public expenditure. The statement here is based on facts and does not have an attached value judgment; this can be verified for its authenticity by researching about medical care that governments provide.

Normative economics concentrates more on moral judgments, political and view oriented declarations regarding "what should be" which is directed at investment programs, economic growth and other related scenarios. The goal is to sum up the presence or absence of desirability of people to different social improvements, initiatives and circumstances by citing or enquiring about what can happen or what should happen. Normative statements are quality based and contextual and are derived from the personal point of view, thoughts and emotions of people. They sometimes look or feel ideological or dictatorial but they are a way of making suggestions on what measures are needed. An example of normative statements is that the public should be provided with basic medical care by the government. We can conclude from this example that it is quality based, personally rooted and fulfils the condition of "What must be".

Economics Concept Introduction

Introduction:

The two classic branches of modern economics are positive economics and normative economics. Positive economics defines different economic concepts and explains them. These statements are facts that can be verified and on the other hand normative economics concentrates on the importance of economic equity, they are not facts, instead they're the views and thoughts of some economists who tell us what they believe.

Answer 7

Chapter 2, Problem 1QFR

To determine

Positive economic statement versus normative economic statement

Answer 8

Expert Solution & Answer

Explanation of Solution

Positive economics is an economic stream that puts an emphasis on defining, quantifying, and attempting to explain economic advancements, aspirations and related events. This is based on unbiased analysis of data, significant facts, and related estimates and tries to create cognitive connection that can assist in determining and evaluating the growth of economic principles. These statements are accurate, concise and clearly calculable and they can also be evaluated against substantial proof. Example of positive statement is, medical care provided by the government leads to increase in public expenditure. The statement here is based on facts and does not have an attached value judgment; this can be verified for its authenticity by researching about medical care that governments provide.

Normative economics concentrates more on moral judgments, political and view oriented declarations regarding "what should be" which is directed at investment programs, economic growth and other related scenarios. The goal is to sum up the presence or absence of desirability of people to different social improvements, initiatives and circumstances by citing or enquiring about what can happen or what should happen. Normative statements are quality based and contextual and are derived from the personal point of view, thoughts and emotions of people. They sometimes look or feel ideological or dictatorial but they are a way of making suggestions on what measures are needed. An example of normative statements is that the public should be provided with basic medical care by the government. We can conclude from this example that it is quality based, personally rooted and fulfils the condition of "What must be".

Answer 9

Expert Solution & Answer

Answer 10

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Answer 11

Economics Concept Introduction

Introduction:

The two classic branches of modern economics are positive economics and normative economics. Positive economics defines different economic concepts and explains them. These statements are facts that can be verified and on the other hand normative economics concentrates on the importance of economic equity, they are not facts, instead they're the views and thoughts of some economists who tell us what they believe.

Answer 12

Ch. 2 - Prob. 1QFR Ch. 2 - Prob. 2QFR Ch. 2 - Prob. 3QFR Ch. 2 - Prob. 4QFR Ch. 2 - Prob. 5QFR Ch. 2 - Prob. 6QFR Ch. 2 - Prob. 7QFR Ch. 2 - Prob. 8QFR

Positive economic statement versus normative economic statement

Positive economic statement versus normative economic statement

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