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- Q Search Back to Assignment Attempts Keep the Highest/1 18. Normative and positive statements The following table contains statements that provide some analysis of policies that address the minimum wage. Categorize each of these statements as either positive or normative. Statement Positive Normative All Americans should earn more than $25,000 per year. Raising the minimum wage increases the rate of unemployment. The minimum wage should be raised to $15 per hour. Raising the minimum wage reduces the number of employment opportunities for low skilled workers. Save & Continue Grade It Now Continue without saving 79°F Sunny hpBen says that "An increase in the tax on beer will raise its price." Holly argues that "Taxes should be increased on beer because college students drink too much." We can conclude that: Ben statement is normative, but Holly's is positive. Holly statement is normative, but Ben's is positive. Both statements are normative. Both statements are positive.Which of the following statements are positive, and which are normative? a. The minimum wage creates unemployment among young and unskilled workers. b. The minimum wage ought to be abolished.
- Description Does raising the minimum wage reduce employment, that is, does it increase job loss? Who benefits the most from an increase in the minimum wage? What effect might your answers have on the normative analysis of the minimum wage?He described economics as a science of material welfare A. Robbins B. Marshall C. Ricardo D. KeynesClassify each of the following statements as positive or normative. Explain. Society faces a short-run trade-off 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. Society ought to require welfare recipients to look for jobs. Lower tax rates encourage more work and more saving.
- State whether each entry below is positive or normative—explain your answer. Low-income people pay too much for housing. Imports from other countries are swamping US department storms. The number of US farms has decreased over the past 50 years. Toyota expands parts production in the US. The rural population in the US is declining.Find one positive or one normative statement. Explain how you know they are either a positive or normative statement.The Incentive Principle is an example of a normative economic principle. a positive economic principle. an economic decision-making pitfall. overestimating the benefits of an action.
- In economics, the difference between normative and positive is that:Explain the difference between positive and normative analysis. Provide an example of a normative statement or an example of a positive statement from a recent news story.What is economic justice and should there be a Hippocratic Oath for economists?