Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
8th Edition
ISBN: 9781337607735
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 2, Problem 6CQQ
To determine
Positive and normative statements.
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Chapter 2 Solutions
Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
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- Which of the following is a normative economic statement? a. The national unemployment rate in January of this year was 5.5%. b. The government should commit to reducing income inequality. c. The inflation rate next year will be less than 3%. d. A reduction in the government deficit by 1% will make interest rates decrease 1%.arrow_forwardWhat is an example of a significant aspect of an economy?arrow_forwardFind one positive or one normative statement. Explain how you know they are either a positive or normative statement.arrow_forward
- In your own words, what does "economics" actually mean? What are some of the different schools of thought or ideas on what the term economics means? Why is it important to. understand these differences?arrow_forwardWhich of the following statements are positive, and which are normative? i. If interest rates increase, investment will decrease.ii. The minimum wage ought to be abolished. iii. If welfare benefits were reduced, the country would be better off. iv. If consumer income increases, other things equal, the demand for automobiles will increase. v. The Pakistan income distribution should be equitable.arrow_forwardEconomic Models? a. are essential representations of the real world b. are used to explain how people think c. are never used for making economic projections or predictions d. are used to explain how people behavearrow_forward
- Which of the following is a positive economic statement? A. Unemployment insurance payments increase when the unemployment rate rises. B. States should be able to enact their own marijuana legalization laws. C. The government should defund Obamacare. D. The inflation rate in the United States is too high.arrow_forwardComment on the statement: “Increasing government spending is preferred to a cut in taxes when the U.S. government seeks to fight a recession.” As we know that the statement is normative, i.e., it has value judgement on the issue of whether large or small government is preferred. Show your own opinion.arrow_forwardDetermine whether each of the following statements is positive or normative. (Remember that apositive statement isn’t necessarily correct; it justmakes a factual claim rather than a moral judgment.People who pay their bills on time are lesslikely than others to get into debt.b. Hard work is a virtue.c. Everyone should pay his or her bills on time.d. China has a bigger population than any othercountry in the world.e. China’s One-Child Policy (which limitsfamilies to one child each) helped to spur thecountry’s rapid economic growth.f. Lower taxes are good for the countryarrow_forward
- Can you help me provide a normative statement and an example of a positive statement from a recent news story pleasearrow_forwardEconomists have various perspectives and theories about how an economy should operate. Which economist and theory do you agree with John Maynard Keynes or adam smith?arrow_forwardWhat is economics most concerned with? keeping interest rates low making money allocating scarce resources to satisfy unlimited wants governments' efficient spending of tax revenuesarrow_forward
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