Is economics positive or normative economics. Discuss 10marks

Expert Solution

Economics is both positive as well as normative economics. Both of these have equal importance in economics the brief description of which is as follows.

Rahul Sunny answered 1 year ago

State the difference between: (a) positive and normative economics (b) positive and normative economics statements

3.Define: (a)Positive economics (b)Normative economics.

Identify the following statements as examples of positive economics, normative economics, or the art of economics:...

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...

Contrast positive and normative economics. How can economists carry out normative analysis?

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POSITIVE VS. NORMATIVE ECONOMICS Instructions: Determine whether each of the following statements is representative of Positive...

POSITIVE VS. NORMATIVE ECONOMICS Instructions: Determine whether each of the following statements is representative of Positive or Normative Economics. Place a “P” on the lines next to all positive statements; place an “N” on the lines next to normative statements. 1. _____ The minimum wage should be raised to $15.00 an hour. 2. _____ If the minimum wage is increased, more people will become unemployed. 3. _____ There is too much crime in the U.S., something should be done about...

What is the difference between Positive and Normative Economics? Please provide examples of each and which...

What is the difference between Positive and Normative Economics? Please provide examples of each and which would you support?

Explain the difference between positive and normative economics. Then, go online and find three economic facts....

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

3. Explain the difference between positive and normative economics. Then, go online and find one economic...

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...

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