The Minimum wage causes unemployment to increase. Is this a positive or normative statement? Why? a. ...
The Minimum wage causes unemployment to increase. Is this a
positive or normative statement? Why?
a. Obviously true
b. Obviously incorrect
c. Normative because it is incontrovertible
d. Positive because it is a statement of
fact
e. Normative because it involves an ethical
criteria
Homework Answers
"D"
the statement is a positive statement because it can be verified thereby it will be a fact. Positive statements are those that can be verified by numbers or facts, normative statement is where it is just an opinion. it cannot be verified.
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The Minimum wage causes unemployment to increase. Is this a
positive or normative statement? Why?
a. ...
Which of the following is a normative statement? A) Minimum wage laws cause teenage unemployment. B)...
Which of the following is a normative statement? A) Minimum wage laws cause teenage unemployment. B) Minimum wage laws reduce the sum of consumer and producer surpluses and are therefore economically inefficient. C) All economically inefficient laws are undesirable. D) All of the above
Which of the following is a normative economic statement? With falling home prices and rising mortgage...
Which of the following is a normative economic statement? With falling home prices and rising mortgage interest rates, the amount of foreclosures has increased. B) The federal government is considering raising the gasoline tax to promote the use of public transportation. c) Fashion designers should be allowed to copyright designs to promote innovation. D) Rising global demand for diesel and heating oil has led to increases in the price of crude oil. Question 15 (10 points) The economic analysis of...
5. What is the difference between a positive economic statement and a normative economic statement? Determine...
5. What is the difference between a positive economic statement and a normative economic statement? Determine whether each of the following is primarily a positive economic statement or normative economic statement: A) The current unemployment rate is below 4% in 2018 B) The inflation rate in the United States is too low C) The Government should increase the minimum wage D) U.S. trade restrictions cost consumers $125 billion annually
Classify each of the following statements as positive or normative. Positive Normative Statement Firms can increase...
Classify each of the following statements as positive or normative. Positive Normative Statement Firms can increase sales by lowering product prices. Lower tax rates encourage more work and more saving. Economic development should not take place at the expense of social Justice. Society should reduce pollution at all costs. A reduction in the rate of money growth will reduce the rate of inflation. Classify the following topics as relating to microeconomics or macroeconomics. Topic The relationship between the inflation rate...
6) (10 pts) Some businesses have bemoaned the high minimum wage saying they can't afford to...
6) (10 pts) Some businesses have bemoaned the high minimum wage saying they can't afford to pay workers such high wages. One business owner said, "No business owner should have to let the government decide how to run their business." Assume the unemployment rate is extremely low at the Federal minimum wage of $7.25; there is no "extra" or surplus labor in the economy. In fact, employers are claiming they can't find workers to fill positions. (Zero unemployment is unachievable...
Which of the following are examples of positive economic analysis? Which are normative? a. The federal minimum...
Which of the following are examples of positive economic analysis? Which are normative? a. The federal minimum wage should increase from $7.25 to $10.10 per hour because that would help create a more even income distribution. b. The minimum wage in San Francisco, CA is $15.59 per hour as of July 2019. c. New reserves discovered in Western Canada and North Dakota have helped drive down the price of natural gas for North American consumers. d. Ecuador should discontinue its consumer...
2. Identify each of the following statements as either positive or normative. (a) Society is better...
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1. An increase in the minimum wage is good for workers. This statement is a. obviously...
1. An increase in the minimum wage is good for workers. This statement is a. obviously true b.obviously false c.a positive statement (or positive analysis) d.a normative statement (or normative analysis) 2. Ceteris paribus is an analytical assumption that means that when you consider a relationship a. you always must remember that what goes around comes around b. you must remember that the ones with the money make the rules c. you assume that all other factors and variables are...
4. Economics is sometimes broken down into different categories. 1. Define positive and normative economics. 2....
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The imposition of a binding (effective) minimum wage above the equilibrium wage in the unskilled labor...
The imposition of a binding (effective) minimum wage above the equilibrium wage in the unskilled labor market will (x) reduce the number of unskilled persons employed because of a decrease in the quantity supplied of labor (y) increase the unemployment rate because of a decrease in the quantity demanded of labor (z) reduce employment of unskilled persons because of a decrease in the quantity demanded of labor. A. (x), (y) and (z) B. (x) and (y) only C. (x) and...
Which of the following is a normative economic statement? With falling home prices and rising mortgage interest rates, the amount of foreclosures has increased. B) The federal government is considering raising the gasoline tax to promote the use of public transportation. c) Fashion designers should be allowed to copyright designs to promote innovation. D) Rising global demand for diesel and heating oil has led to increases in the price of crude oil. Question 15 (10 points) The economic analysis of...
Classify each of the following statements as positive or normative. Positive Normative Statement Firms can increase sales by lowering product prices. Lower tax rates encourage more work and more saving. Economic development should not take place at the expense of social Justice. Society should reduce pollution at all costs. A reduction in the rate of money growth will reduce the rate of inflation. Classify the following topics as relating to microeconomics or macroeconomics. Topic The relationship between the inflation rate...
6) (10 pts) Some businesses have bemoaned the high minimum wage saying they can't afford to pay workers such high wages. One business owner said, "No business owner should have to let the government decide how to run their business." Assume the unemployment rate is extremely low at the Federal minimum wage of $7.25; there is no "extra" or surplus labor in the economy. In fact, employers are claiming they can't find workers to fill positions. (Zero unemployment is unachievable...
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4. Economics is sometimes broken down into different categories. 1. Define positive and normative economics. 2. Write your own example of a positive economic statement 3. Write your own example of a normative economic statement. Define microeconomics and macroeconomics. 5. Categorize the following as microeconomic or macroeconomic questions and explain why: a. What are the differences between the dairy industry and the airline industry? b. Why are unemployment rates for teenagers rising? c. Why are prices falling in the digital...
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