Do economists have any particular expertise atmaking normative arguments? In other words, they haveexpertise at making positive statements (i.e., what willhappen) about some economic policy, for example, butdo they have special expertise to judge whether or notthe policy should be undertaken?
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Do economists have any particular expertise at
making normative arguments? In other words, they have
expertise at making positive statements (i.e., what will
happen) about some economic policy, for example, but
do they have special expertise to judge whether or not
the policy should be undertaken?
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- Which of the following is an example of a normative statement? Select one: O a. An increase in the price of tea will decrease the amount of tea purchased. However, it will increase the amount of coffee purchased. b. The minimum wage led to increase unemployment and unskilled workers O c. None of the answers are correct O d. the inflation has increased in India by 50% in the past three years e. Reducing taxes have positive impact on the economic growthThe world in which we live is complex and to understand it, human beings make use of some orother simplification process. A theory can accordingly be seen as an attempt to simplify things.Such an observation may come as a surprise to those who have often heard remarks to the effectthat such and such a theory is difficult, or at the least terribly complicated. We should neverthelessremind ourselves that a theory involves an attempt to simplify things – it is the world out there thatis the complicated entity. A particular theory (or model) is merely trying to reduce it to manageableproportions, at least as far as understanding our environment is concerned.”In economics, theory is presented in a simple form by making the…1.23a) Post hoc assumptionb) Fallacy of compositionc) Ceteris paribus assumptiond) Blinkered approachWhich of the following is an example of a normative statement? Select one: O a. None of the answers are correct Ob. An increase in the price of tea will decrease the amount of tea purchased. However, it will increase the amount of coffee purchased. c. Reducing taxes have positive impact on the economic growth O d. The minimum wage led to increase unemployment and unskilled workers O e. the inflation has increased in India by 50% in the past three years Next page
- Question 3 The difference between positive and normative economics is best summarized as saying that positive economics is descriptive, while normative economics is prescriptive. O positive economics is pessimistic, while normative economics is optimistic. O positive economics is objective, while normative economics is biased. O positive economics is biased, while normative economics is objective.A possible headline from the local media is: "The government should ban hand guns" This headline provides an example of a O A. normative statement about a microeconomic issue O B. non-economic positive statement O C. positive statement about a macroeconomic issue O D. positive statement about a microeconomic issue O E. non-economic normative statementThe first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutants
- people are rational QUESTION 7 Ben says that "an increase in the tax on beer will raise its price." Holly arques that "taxes should be increased on beer because college students drink to0 much." We can conclude that: O A. Both statements are O C. Ben's statement is normative, but Holly's is positive D. Holly's statement is normative, but Ben's is positive O B. Both statements are positive normative3:51 A A . .l 63% O Applied Economics Mo... , 2 Scanned with Camscanner What I Can Do Identify keywords from a given economics word. 1. ECONOMICS 2. ECONOMICS as SOCIAL SCIENCE n.. afn-tnan | cuc. Annlied Fronomirs Ouarter 1: Module 1 Pae Scanned wth Ca eQUESTION 19 Mohamed says that "gas prices are rising because there aren't enough oil refineries." Ahmed argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that O A. Mohamed's statement is positive, but O B. Ahmed's statement is positive, but Ahmed's is normative. OC.Both statements are positive. D. Both Mohamed's is normative. statements are normative
- When economists are trying to explain the world ,they are ut of Select one: uestion O a. All the answer are correct. O b. policy advisors O c. scientists d. auditors us pageQUESTION 1 Which of the following is an example of a microeconomic issue? O The government passes legislation that aims to improve the economy. O The unemployment rate is approximately 4%. O Aretailer decides to hire 1,000 new employees in the United States as part of its expansion program O The central bank engages in policy aimed at reducing inflation. QUESTION 2 Suppose a state aims to make it easier for people to purchase school supplies for children by exempting these purchases from sales taxes. Such programs are often called "sales tax holidays." identify which of the following would be considered an unintended consequence of this pollcy. An increase in prices by retailers expecting higher demand during the sales tax holiday. O An increase in purchanes just prior to and immediately following the sales tar holiday. O A large increase in net sales. O Asteep dedine in sales during the sales tax holiday.nvellu Xl.com/Student/PlayerHomework.aspx?homeworkld=611294898&questionld=8&flushed%3Dfalse ITMG 1B Econ 2100 Homework: Basics ... Question 8, 1.1 Question... HW Scor > O Point: nic The problem of scarcity O A. can be solved in a market economy. O B. exists because the unlimited human wants cannot be satisfied with limited resources. O C. would disappear if there were no market failures. O D. exists because the limited human wants cannot be satisfied with available resources. O E. always results in shortages of some goods.