Economics (7th Edition) (What's New in Economics)
7th Edition
ISBN: 9780134738321
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Question
Chapter 1, Problem 1.3.6PA
Subpart (a):
To determine
Identifying Positive and Normative analysis.
Subpart (b):
To determine
Identifying Positive and Normative analysis.
Subpart (c):
To determine
Identifying Positive and Normative analysis.
Subpart (d):
To determine
Identifying Positive and Normative analysis.
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Ben 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's statement is normative, but Holly's is positive.
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Both statements are normative.
Both statements are positive.
Ben 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.
Four students from your economics class are sitting in a local restaurant discussing the market for coffee. Below are quotes from each of the four students. All of the following quotes are logically correct except one. Which quote indicates incorrect economic analysis?
A. Nicholas: "If Brazil is hit hard by such a severe freeze that half of its crop is wiped out, then the price of coffee will probably rise."
B. Kendra: "If the price of caffeinated soft drinks such as Mountain Dew went down, then consumer demand for coffee would go down since they're substitutes for each other."
C. Sergei: "If the demand for coffee were to increase, then I would expect the price to rise, which would then cause the demand to fall back down to its original position."
D. Tasha: "If coffee drinkers expect the price of coffee to rise next month, then current demand will go up and lead to a price increase this month."
Chapter 1 Solutions
Economics (7th Edition) (What's New in Economics)
Ch. 1.A - Prob. 1PACh. 1.A - Prob. 2PACh. 1.A - Prob. 3PACh. 1.A - Prob. 4PACh. 1.A - Prob. 5PACh. 1.A - What is the area of the triangle shown in the...Ch. 1.A - Prob. 7PACh. 1 - Prob. 1TCCh. 1 - Prob. 2TCCh. 1 - Prob. 1.1.1RQ
Ch. 1 - Prob. 1.1.2RQCh. 1 - Prob. 1.1.3PACh. 1 - Prob. 1.1.4PACh. 1 - Prob. 1.1.5PACh. 1 - Prob. 1.1.6PACh. 1 - Prob. 1.1.7PACh. 1 - Prob. 1.1.8PACh. 1 - Prob. 1.1.9PACh. 1 - Prob. 1.1.10PACh. 1 - Prob. 1.1.11PACh. 1 - Prob. 1.2.1RQCh. 1 - Prob. 1.2.2RQCh. 1 - Prob. 1.2.3RQCh. 1 - Prob. 1.2.4RQCh. 1 - Prob. 1.2.5PACh. 1 - Prob. 1.2.6PACh. 1 - Prob. 1.2.7PACh. 1 - Prob. 1.2.8PACh. 1 - Prob. 1.2.9PACh. 1 - Prob. 1.2.10PACh. 1 - Prob. 1.2.11PACh. 1 - Prob. 1.2.12PACh. 1 - Prob. 1.2.13PACh. 1 - Prob. 1.3.1RQCh. 1 - Prob. 1.3.2RQCh. 1 - Prob. 1.3.3RQCh. 1 - Prob. 1.3.4PACh. 1 - Prob. 1.3.5PACh. 1 - Prob. 1.3.6PACh. 1 - Prob. 1.3.7PACh. 1 - Prob. 1.3.8PACh. 1 - Prob. 1.3.9PACh. 1 - Prob. 1.3.10PACh. 1 - Prob. 1.3.11PACh. 1 - Prob. 1.4.1RQCh. 1 - Prob. 1.4.2RQCh. 1 - Prob. 1.4.3PACh. 1 - Prob. 1.4.4PACh. 1 - Prob. 1.1CTECh. 1 - Prob. 1.2CTE
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