Question

2 1 A normative statement is one which is: Which of the following is most likely to be a normal good? poor quality products derived by induction generic products objective and is based on facts. used clothing derived by deduction. t-bone steak. subjective and is based on a value judgement 3 4 A rightward shift of a product supply curve might be caused by Which of the following is real capital? an improvement in the relevant technique of production a pair of stockings. an increase in the prices of needed inputs a savings account. Oan increase in consumer incomes a piece of machinery. some firms leaving an industry a share of IBM stock

Answer 1

1) t-bone steak

T bone steak is a normal good because its demand increases with increase in income.

2) subjective and is based on a value judgement

3) an improvement in the relevant technique of production

4) a piece of machinery