Is the following statement an example of a normative economic statement? Most digital cameras sold in the US are imported from other countries. b. Normative statements are often found in the media where bloggers or journalists express opinions. 18. Which of the following is an example of a normative economic statement? A) Finance B) Business C) Statistics D) Chemical Engineering 11) 12) Panasonic sends its HDTV salespeople to training sessions. B) Teenage unemployment would be lower if there were no minimum wage. Characteristics of normative statements:-It inquires what ought to be.-It make a decision on any economic … Each of the studies has a primary focus that distinguishes it from the others. Normative statements are subjective statements – i.e. b. B) The economy grew at an annual rate of 5 percent during the first quarter of this year. c. All of the above are positive statements. Here are some examples of normative statements in economics: We ought to do more to help the poor. Which one of the following is an example of a normative statement? A) How will an increase in the price of diesel fuel affect truck drivers? a. Consider the following statements. C) If two automobile companies merge, it is likely that the price of automobiles will rise. a. a. While positive economics is objective and based on facts, normative economics is subjective and value-based. Positive Economics Examples. Offered Price: $ 5.00 Posted By: Prof.Longines Posted on: 07/09/2017 11:54 PM Due on: 07/10/2017 One example of normative economics is stating that the government has a duty to pay for healthcare, whereas a positive approach states that the government funding citizens' healthcare incurs costs. TOPICS: Economic thinking KEYWORDS: BLOOM'S: Application CUSTOM ID: 039.02.2 - MC - MANK08 40. Normative economics is a subjective idea that focuses on 'what ought to be.' Understand what is meant by “economics in context.” Key Terms economics well-being positive questions normative questions intermediate goal final goal gross domestic product (GDP) economic efficiency economic actor (agent) negative externalities a. Which of the following is an example of a normative economic statement? b. The more time you spend studying, the higher your economics test scores will be. Many normative (value) judgments, however, are held conditionally, to … Standing ovations, peer pressure, fashion trends, body image, and following traditions are just a few examples of normative conformity. Which of the following is an example of a normative economic statement? 1. Which of the following is an example of a positive, as opposed to normative, statement? When the quantity of money grows rapidly, inflation is a predictable consequence. asked Aug 23, 2019 in Economics by colth18. D) Pollution is one of the most serious economic problems. The economy grew at an annual rate of 5 percent during the first quarter of this year. If Two Automobile Companies Merge, It Is Likely That The Price Of Automobiles Will Rise. India is … Consider the following consequences of a minimum wage: a. Explain. Reducing tax rates on the wealthy would be good for the country. A) Tom is a college student. Lowering Interest Rates By Over .5% Will Increase Inflation. The minimum wage law causes unemployment. d. The quantity of money has grown too slowly in recent years. Positive economics is related to the analysis which is limited to cause and effect relationship. D) The federal government's total spending should be reduced. This is an example of A) a macroeconomic decision. B) Unemployment is more harmful than inflation. The US Unemployment Rate Was 3.5% In December 2019 B. Which of the following is an example of a normative statement? C. If the price of a product decreases, people's willingness to buy that product will increase. 8. 9) The economic analysis of minimum wage involves both normative and positive analysis. Gasoline prices ought to be lower than they are now. You would agree that without examples, economics is not an easy subject to handle. C. Tax Increases Will Place An Unnecessary Imposition On Businesses. If the national saving rate were to increase, so would the rate of economic growth. E) Economists generally agree with each other regardless of whether a question is positive or normative. The State Tax On Gasoline Should Be Raised C. The Effect Of A Tax Is To Lower The Quantity In A Market D. Transgender Bathrooms Should Have Been Legalized Many Years Earlier E. C) Normative statements evaluate the desirability of certain economic changes; positive statements do not. A) The U.S. rate of unemployment was lower in 2004 than it was in 1994. Which of the following is a normative economic statement? Which of the following is an example of a positive economic statement? Which of the following is an example of a normative economic statement? D) The federal minimum wage is $7.25. they carry value judgments.For example: Pollution is the most serious economic problem; Unemployment is more harmful than inflation; The congestion charge for drivers of petrol-guzzling cars should increase to £25; The government should increase the minimum wage to £7 per hour to reduce poverty. An increase in government expenditure will lead to an increase in well-being. c. C) The cost of basic health insurance rose from the previous year. b. Group Of Answer Choices A. Which of the following is an example of a normative economic statement? ANSWER: a DIFFICULTY: Challenging LEARNING OBJECTIVES: ECON.MANK.021 - Classify an economic statement as either positive or normative. b. e. The more time you spend studying for chemistry, the higher your economics test score will be. Income tax rates should not have been cut as they were a few years ago. On the other hand, normative economics aims at examining real economic events from the moral and ethical point of view. An increase in the money supply will lead to an increase in the inflation rate. Which Of The Following Is An Example Of A Normative Economic Statement? Which Price Floor Will NOT Be Binding? But which type of science is a big question here, i.e. A digital camera costs more than a disposable camera. The Economy Grew At An Annual Rate Of 5 Percent During The First Quarter Of This Year. A) The inflation rate in the United States decreased from 4 percent last year to 3 percent this year as a result of lower energy prices. Normative economics (as opposed to positive economics) is a part of economics whose objective is fairness or what the outcome of the economy or goals of public policy ought to be.. Economists commonly prefer to distinguish normative economics ("what ought to be" in economic matters) from positive economics ("what is"). Normative focuses on prescriptive statements, and help establish rules aimed at attaining the specified goals of business. (i) India s population have crossed 100 crore mark. a. C) The quantity of shirts sold increases as the price of shirts decreases. economic policies. 7. Gasoline prices are too high and they ought to be lower than they are now. GDP is an example of a: * (a)Flow (b)Stock ©Both flow and stock (d)None of the above 2. positive or normative? c. In some cities such as San Francisco and New York, it would be impossible for low-skilled d. 38. The emphasis in business economics is on normative theory. B) What fraction of an income-tax rebate check will be spent on consumer goods? C. If the national saving rate were to increase, so would the rate of economic growth. The Market Equilibrium Is $20. 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