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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the difference between a positive and a normative statement?

To determine

The difference between a positive and a normative statement.

Explanation

The positive economics needs to be objective and fact based, while on the contrary, the normative economics should be subjective and value based. The example of the normative statement is the “Higher inflation is bad.”, which is only a given economics statement or can be a statement which is based on the individuals political preferences...

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