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What is meant my the normative economics.
Explain in detail.
Step by step
Solved in 2 steps
- Only questions 2 a-d It’s either positive or normativeWhat is the difference between disagreeing abouta positive statement and disagreeing about a normative statement?Analyze the positive versus normative argument sin the following case. What statement of positive economics are used to support requiring air bags? What normative reasoning is used?
- Explain with example, how to construct economic model?2. Which of the following is a normative statement? a. An increase in taxes raises the price of a product b. Vaccination is a method of fighting Covid -19 c. Government should Impose taxes on the cigarette. d. Studying more hours leads to an increase in your GPA.Identify from the situation positive and normative economics and give your reasons.
- Normative statements are concerned primarily with a. what is. b. facts and theories. c. what ought to be. d. rational choice involving costs and benefits.Name a way that your family interacts in the marketsfor the factors of production and a way that itinteracts in the markets for goods and servicesHis study of economics is concerned more with human behavior. a. Alfred Marshall b. Karl Marz c. Lionel Robbins d. Adam Smith