A senator announces that states should be allowed to re-open their businesses, despite the risk of Covid-19, in order to help the U.S. economy. This is an example of a Question 8 options: A) factual statement B) normative statement C) positive statement D) trade statement

A senator announces that states should be allowed to re-open their businesses, despite the risk of Covid-19, in order to help the U.S. economy. This is an example of a Question 8 options: A) factual statement B) normative statement C) positive statement D) trade statement

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 7SQP

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Question 04: Positive or Normative statements? Indicate whether each of the following statements is a positive or normative economic statement: Statement from our Illinois Senators websites… Dick Durbin's website: America now owes over $14 trillion to our creditors. Referring to the above statement Durbin states: This is simply unsustainable. Tammy Duckworth's website: The Family and Medical Leave Act, known as FMLA, [gives] some new parents the opportunity to take up to 12 weeks of unpaid leave. Duckworth later states: we should pass common-sense legislation to make the workplace more accommodating for working parents. Question 5 options: A) in order: positive, positive, normative, normative B) in order: normative, positive, normative, positive C) in order: positive, normative, positive, normative D) in order: normative, normative, positive, positive
The emergence of Covid-19 should affect developing countries more adversely than technically advanced nations such as the United States. This statement is best described as a. a normative statement b. a theoretical statement c. a positive statement d. a microeconomics statement
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Zeetopia and Freshland are two small tropical islands that use the same amounts of resources to produce mangoes and coconuts as shown in the table below. Coconuts (in tons) Mangoes (in tons) Zeetopia 50 60 Freshland 50 30 (a) Which island has an absolute advantage in producing coconuts? Explain. (b) Which island has a comparative advantage in producing coconuts? Explain. (c) Assume Zeetopia and Freshland decide to specialize according to their comparative advantages and 1 ton of coconuts is exchanged for 1 ton of mangoes. Are specialization and trade under these terms beneficial to both Zeetopia and Freshland? Explain. (d) Assume the two islands experience constant…
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Zeetopia and Freshland are two small tropical islands that use the same amounts of resources to produce mangoes and coconuts as shown in the table below. Coconuts (in tons) Mangoes (in tons) Zeetopia 50 60 Freshland 50 30 (a) Which island has an absolute advantage in producing coconuts? Explain. (b) Which island has a comparative advantage in producing coconuts? Explain. (c) Assume Zeetopia and Freshland decide to specialize according to their comparative advantages and 1 ton of coconuts is exchanged for 1 ton of mangoes. Are specialization and trade under these terms beneficial to both Zeetopia and Freshland? Explain. (d) Assume the two islands experience constant…
The major global event in the year 2020 has been the Coronavirus pandemic. It has impacted our health, social lives, the economy and our outlook regarding the future, and our general feeling of security. Since economics is the primary focus of this class, let us focus on the economic impact of the Covid19 pandemic upon the U.S. and world economies. Question: Which of the below is NOT one of the observed impacts of the pandemic upon the global economy? Group of answer choices Over 30 million people in the U.S. filed for unemployment benefits in the 6-week period preceding April 30, 2020. By April 30, 2020, there was definite evidence that the coronavirus pandemic was under control and on the decline in the U.S., and therefore U.S. economic growth could be expected to pick up starting May 2020. The FTSE, Dow Jones Industrial Average, and the Nikkei have all seen huge falls since the outbreak began.
Why is it important to be able to distinguish positive from normative statements about economic policy? Question 8 options: Positive statements are always true and are the basis of economic policy while normative statements are false and should NEVER be used. Positive statements help us understand the value judgments toward a particular policy, while normative statements reflect the economy's response. Positive statements help us understand the economy's response to a particular policy, while normative statements reflect value judgments. Positive statements help us understand the good results of a policy change, and normative statements help us understand the negative results.
Normative analysis can best be shortened to ___________, while positive analysis is best shortened to __________.
Normative Statements Question 1 options: attempt to describe how the world actually is or actually functions. are scientific in nature, in that given enough research, evidence, and data, they can potentially be shown to be either true or false. are supported (either implicitly or explicitly) by the priorities, goals, and value judgments of the person making the statement. None of the Above.
The term "creative destruction" means: Group of answer choices We should not have moved into our modern life style using cars and buses, and tractors to plough the land, because this has destroyed the better quality life we could have had without cars, buses and tractors. Capitalism is inevitably destructive. Human nature is unavoidably both creative and destructive, and most often we combine the two in our every day life. In order to advance to newer, better, products, we have to discard our old products and move away from less efficient ways of production.
COVID-19 has disturbed the overall economies of the world. Whether its developed or underdeveloped countries, all are trying to take precautionary measures to save their citizens. The problem is that taking this matter serious is a challenge in underdeveloped nations as due to lack of education, people are not taking care of others by maintaining social distancing. This is the example of ________________. a. Positive theory b. Law of the world c. None of the options d. Normative theory
What does a Production Possibility Frontier for Product X versus Y represent? A) The total combined production of Product X + Product Y for a given set of factors of production B) The trade-off in the level of total production at various output mixes for Product X and Product Y C) The most efficient product production mix for a given set of factors of production D) All of the above
This is not a writing assignment, this is a multiple-choice question The major global event in the year 2020 has been the Coronavirus pandemic. It has impacted our health, social lives, the economy and our outlook regarding the future, and our general feeling of security. Since economics is the primary focus of this class, let us focus on the economic impact of the Covid19 pandemic upon the U.S. and world economies. ***************** Question: Which of the below is NOT one of the observed impacts of the pandemic upon the global economy? Group of answer choices Over 30 million people in the U.S. filed for unemployment benefits in the 6-week period preceding April 30, 2020. By April 30, 2020, there was definite evidence that the coronavirus pandemic under control and on the decline in the U.S., and therefore U.S. economic growth could be expected to pick up starting May 2020. The FTSE, Dow Jones Industrial Average and the Nikkei have all seen huge falls since the outbreak began…