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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Give an example of a positive statement and an example of a normative statement that somehow relates to your daily life. • Name three parts of government that regularly rely on advice from economists.

To determine
Positive and normative statements.

Explanation

“The increase in price of coffee leads to increase in the demand for tea” is an example of a positive statement. The positive statements focus on cause-and-effect and behavioral relationships. “The government should restrain the price of coffee” is a normative statement...

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