Chapter 2: Problem 16
What is the difference between a positive and a normative statement?
Chapter 2: Problem 16
What is the difference between a positive and a normative statement?
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Get started for freeWould a research study on the effects of soft drink consumption on children’s cognitive development be a positive or normative statement?
Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?
What does a production possibilities frontier illustrate?
Explain why scarcity leads to tradeoffs.
What assumptions about the economy must be true for the invisible hand to work? To what extent are those assumptions valid in the real world?
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