Chapter 1.1, Problem 10Q

(a)

To determine

If market is efficient, identify whether the statement belongs to positive, normative or art of economies.

(b)

To determine

If market achieves efficient results, identify whether the statement belongs to positive, normative or art of economies.

(c)

To determine

Identify if one wants a reasonably efficient result, market should probably be relied on, whether this statement belong to positive, normative or art of economies.

 (d)

To determine

Identify whether distribution of income should be left to markets, and whether the statement belongs to positive, normative or art of economies.

 (e)

To determine

Identify ‘the market allocates income according to contributions of factors of production’ whether the statement belongs to positive, normative or art of economies.