Economics For Today
9th Edition
ISBN: 9781305507074
Author: Tucker, Irvin B.
Publisher: Cengage Learning,
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Chapter 1, Problem 17SQ
To determine
Identify the normative economic statement.
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Is the following positive statements or normative statements?
i. Rising flour prices will increase the price of bread.
ii. The government is more concerned with inflation than unemployment.
iii. People are worried about the effects of joining the OAS.
The government should reduce the petrol prices as a solution to the problem of inflation. Determine, what type of statement is this?
a.
Normative statement
b.
Positive statement
c.
Negative statement
d.
Mixed statement
Which of the following statements are positive, and which are normative?
i. If interest rates increase, investment will decrease.ii. The minimum wage ought to be abolished.
iii. If welfare benefits were reduced, the country would be better off.
iv. If consumer income increases, other things equal, the demand for automobiles will increase.
v. The Pakistan income distribution should be equitable.
Chapter 1 Solutions
Economics For Today
Ch. 1.6 - Prob. 1YTECh. 1.7 - Prob. 1YTECh. 1.7 - Prob. 2YTECh. 1.7 - Prob. 3YTECh. 1.A - Prob. 1SQPCh. 1.A - Prob. 2SQPCh. 1.A - Prob. 1SQCh. 1.A - Prob. 2SQCh. 1.A - Prob. 3SQCh. 1.A - Prob. 4SQ
Ch. 1.A - Prob. 5SQCh. 1.A - Prob. 6SQCh. 1.A - Prob. 7SQCh. 1.A - Prob. 8SQCh. 1.A - Prob. 9SQCh. 1.A - Prob. 10SQCh. 1.A - Prob. 11SQCh. 1.A - Prob. 12SQCh. 1.A - Prob. 13SQCh. 1.A - Prob. 14SQCh. 1.A - Prob. 15SQCh. 1.A - According to Exhibit A-5, what is the relationship...Ch. 1.A - Prob. 17SQCh. 1.A - Prob. 18SQCh. 1.A - Prob. 19SQCh. 1.A - Prob. 20SQCh. 1 - Prob. 1SQPCh. 1 - Prob. 2SQPCh. 1 - Prob. 3SQPCh. 1 - Prob. 4SQPCh. 1 - Prob. 5SQPCh. 1 - Prob. 6SQPCh. 1 - Prob. 7SQPCh. 1 - Prob. 8SQPCh. 1 - Prob. 1SQCh. 1 - Prob. 2SQCh. 1 - Prob. 3SQCh. 1 - Prob. 4SQCh. 1 - Prob. 5SQCh. 1 - Prob. 6SQCh. 1 - Prob. 7SQCh. 1 - Prob. 8SQCh. 1 - Prob. 9SQCh. 1 - Prob. 10SQCh. 1 - Prob. 11SQCh. 1 - Prob. 12SQCh. 1 - Prob. 13SQCh. 1 - Prob. 14SQCh. 1 - Prob. 15SQCh. 1 - Prob. 16SQCh. 1 - Prob. 17SQCh. 1 - Prob. 18SQCh. 1 - Prob. 19SQCh. 1 - Prob. 20SQ
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- "The Consumer Price Index increased by 4.2 percent in the first quarter of this year." What type of statement is this? a. normative b. negative c. positive d. subjective e. biasedarrow_forwardClassify 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.arrow_forwardClassify each of the following statements as positive or normative. Explain.a. Society faces a short-run trade-off between inflation and unemployment.b. A reduction in the rate of money growth will reduce the rate of inflation.c. The Federal Reserve should reduce the rate of money growth.d. Society ought to require welfare recipients to look for jobs.e. Lower tax rates encourage more work and more savingarrow_forward
- Which of the following is a normative economic statement? a. The national unemployment rate in January of this year was 5.5%. b. The government should commit to reducing income inequality. c. The inflation rate next year will be less than 3%. d. A reduction in the government deficit by 1% will make interest rates decrease 1%.arrow_forwardClassify each of the following statements as positive or normative. Explain. Society faces a short-run tradeoff 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. e. Lower tax rates encourage more work and more saving.arrow_forwardThe unemployment rate of Oman is measured as 2.55% in 2020, which is lower than the rate of India. Analyze, what type of a statement is this? a. Analytical statement b. Positive statement c. Negative statement d. Normative statementarrow_forward
- 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.arrow_forwardIs the following positive statements or normative statements? I. "Earnings increase with education because education raises a worker's productivity." II. The taxes imposed on gasoline in Barbados is excessive and inequitable to motorists. III. A decrease in income will result in a fall in the demand for motorcycles. IV. Rising flour prices will increase the price of bread. V. The government is more concerned with inflation than unemployment. VI. People are worried about the effects of joining the OASarrow_forwardWhich of the following is Microeconomics concerned with? A. The size of national output B. The level of employment c. Changes in general level of prices D. None of the abovearrow_forward
- Is the following positive or Normative Statements? 1. raising flour prices will increase the price of bread 2. the government is more concerned with inflation than unemployment 3. people are worried about the effects of joining the csme.arrow_forwardI need to find a normative statement on an economic issue from a politician or political action committee and explain why it is normative and not positive. Can you help me find this?arrow_forwardWhich of the following is NOT studied in microeconomics? The effects of government regulations on automobile demand. The relationship between household income and household savings. A family’s decision on how much income should save in a year. The relationship between the inflation rate and changes in the quantity of moneyarrow_forward
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