Classify each of the following statements as positive or normative:  Society faces a short-run tradeoff between inflation and unemployment.  A reduction in the rate of growth of money will reduce the rate of inflation.  The Federal Reserve should reduce the rate of growth of money.  Indiana should require welfare recipients to look for jobs.  Lower income tax rates encourage more work and more saving.

Economics For Today
10th Edition
ISBN:9781337613040
Author:Tucker
Publisher:Tucker
Chapter1: Introducing The Economic Way Of Thinking
Section: Chapter Questions
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  1. Classify each of the following statements as positive or normative: 
      1. Society faces a short-run tradeoff between inflation and unemployment
      2. A reduction in the rate of growth of money will reduce the rate of inflation. 
      3. The Federal Reserve should reduce the rate of growth of money. 
      4. Indiana should require welfare recipients to look for jobs. 
      5. Lower income tax rates encourage more work and more saving.
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