EBK ESSENTIALS OF ECONOMICS
8th Edition
ISBN: 8220103599832
Author: Mankiw
Publisher: Cengage Learning US
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Chapter 2, Problem 9QR
To determine
Positive and normative statements.
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what is the difference between a positive statement and a normative statement?
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Chapter 2 Solutions
EBK ESSENTIALS OF ECONOMICS
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- Give one example each of a positive and a normative statement. Use your own example and not one given in the book.arrow_forwardWhat is the difference between positive and normative economics? Why are positive questions easier to answer than normative questions?arrow_forwardWhat are normative economicsarrow_forward
- Explain the difference between positive and normative analysis. Provide an example of a normative statement or an example of a positive statement from a recent news story.arrow_forwardExplain the difference between positive and normative economics with example.arrow_forwardWhat good is economic theory if it can't predict the behavior of a specific individual?arrow_forward
- Ben says that "An increase in the tax on beer will raise its price." Holly argues that "Taxes should be increased on beer because college students drink too much." We can conclude that: Ben statement is normative, but Holly's is positive. Holly statement is normative, but Ben's is positive. Both statements are normative. Both statements are positive.arrow_forwardWhat good is economic theory if it cannot predict the behavior of a specific individual?arrow_forwardDefine positive and normative statements and give four examples of each.arrow_forward
- Why do many think of normative economics as subjective?arrow_forwardWould a good economic model be more likely toaddress a positive statement or a normative statement? Whyarrow_forwardSuppose that one summer the weather is very hot. How does this event affect the market for ice cream? And How a decrease in supply of ice cream affects the equilibrium price and quantity? Draw the graph according to the situations above. Which of the following statements are examples of positive economic analysis? Which are examples of normative analysis?a. The inheritance tax should be repealed because it is unfair.b. Allowing Chile to join NAFTA would cause wine prices in the United States to drop.c. The first priorities of the new regime in the Democratic Republic of Congo (DRC, formerly Zaire) should be to rebuild schools and highways and to provide basic health care.arrow_forward
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