Question

3. Explain the difference between positive and normative economics. Then, go online and find one economic fact. State the fact positively and then state each one of them normatively.

4. Now, go surfing on the internet. Find 2 new sites that contain economic data. List their URL’s and a brief description of the data they contain. In your surfing, list two macroeconomic facts you have discovered and where. Then, list two microeconomic facts you have discovered and where. How do you know each of the facts you have discovered illustrate Macroeconomics? Microeconomics? Explain.

5. What is economic/scientific methodology? Why is it important? Explain how we would follow this methodology for the study of unemployment in the USA? (What steps would we go through, what would we look for and why? Be specific).

6. What is ceteris paribus? Why are we concerned with it? Is Economics the only field that deals with ceteris paribus?

Answer 1