Identify the following statements as examples of positive
economics, normative economics, or the art of economics:
a. Based on microeconomic models, extending the tax cuts
instituted in 2001 will likely continue to further the trend of
growing income inequality in the United States.
b. The Federal government needs to raise the minimum wage to $8
per hour so that families will have sufficient income to meet their
basic needs.
c. A country’s overall income is more important than how that...