Principles of Macroeconomics, Loose-Leaf Version
8th Edition
ISBN: 9781337096881
Author: Mankiw, N. Gregory
Publisher: South-Western College Pub
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Question
Chapter 2, Problem 6CQQ
To determine
Positive and normative statements.
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1. Which of the following is not a normative statement?a. The military budget should increase at the same rate as GDP.b. The government should play a limited economic role, ensuring that private contracts are enforced.c. Integrated schooling has increased the level of literacy among minority groups.d. A tax on imported oil should be used to reduce the government deficit.
Chapter 2 Solutions
Principles of Macroeconomics, Loose-Leaf Version
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- What is a Positive or Normative statement. 1. The moon is made of green cheese. 2. I think everyone needs to work at a bank to see the true value of money. 3. More Taxes on the rich will increase tax revenues. 4. Government intervention in markets is bad. 5. Economics majors earn more on average than sociology majors.arrow_forwardYou are told by your supervisor that people in Bahamas should drive less to work and save their income. This is an example of ________ statement. a. economic b. normative c. positive d. microeconomicarrow_forwardNormative economics is: a. An investigation or statement about the norms and culture of other countries. b. An investigation or statement that attempts to describe how the world should be or ought to be. c. An investigation or statement about the positive benefits of a given country.arrow_forward
- Which one of the following is a positive economic statement? a.Thoughtful people oppose an increase in the minimum wage. b.An increase in the minimum wage will reduce employment. c.Social justice will be served by increasing the minimum wage. d.The minimum wage should be increased.arrow_forwardWhich 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_forward
- Find one positive or one normative statement. Explain how you know they are either a positive or normative statement.arrow_forwardIn 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_forward
- Economic 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_forwardWhich 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_forward
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