Principles of Economics (MindTap Course List)
8th Edition
ISBN: 9781305585126
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 2.2, Problem 2QQ
To determine
Positive and normative statements.
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Chapter 2 Solutions
Principles of Economics (MindTap Course List)
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- Which major characteristic of economists enable them to make sound decisions in solving economic problems?arrow_forwardDefine positive and normative statements and give four examples of each.arrow_forwardComment on the statement: “Increasing government spending is preferred to a cut in taxes when the U.S. government seeks to fight a recession.” As we know that the statement is normative, i.e., it has value judgement on the issue of whether large or small government is preferred. Show your own opinion.arrow_forward
- 3. “A wider commitment to enforce "Buy American" laws”, would it count as positive economics or normative economics? Explain.arrow_forwardQ1. If you are a business leader, give a positive and a normative argument why would you support the argument for the need of government to increase its spending during the coronavirus pandemic crisis.ose raising minimum wage.arrow_forwardFast-and-frugal heuristics are hypotheses about how people ____ make decisions. 1. Normatively 2. Actually 3. Should 4. Don'tarrow_forward
- Which of the following a branch of economics that deals with how the economic problem facing the society should be solved? A, Normative economics B, Macroeconomics C, Microeconomics D, Positive economicsarrow_forwardEconomists sometimes disagree; why? Group of answer choices A. by not computing the opportunity cost for relevant alternatives B. when they discuss positive statements or questions of what is? C. when they discuss normative statements or questions of what ought to be? D. they always agreearrow_forwardEconomics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with ________, the incentives that influence those choices, and the arrangements that coordinate them. plethora realization scarcity profusionarrow_forward
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