Explain the Differences Between Positive Economics, Normative Economics, and the Art

question 25

Essay

Explain the differences between positive economics, normative economics, and the art of economics. Explain why you would categorize each of the following three statements as belonging to positive economics, normative economics, or the art of economics.
(a) The unemployment rate is 6.5 percent.
(b) The unemployment rate is unacceptably high.
(c) If the government wants to reduce the unemployment rate, it should try cutting taxes.

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Definitions:

Moderate Voice Pitches

Voice tones that are perceived as neither too high nor too low, often associated with effective communication and social engagement.

Miscarriage

The spontaneous loss of a pregnancy before the fetus can survive outside the womb, usually before 20 weeks of gestation.

First Three Months

A reference typically used to describe the initial trimester of pregnancy, which is crucial for the development of the embryo into a fetus.

Salty Tastes

One of the five basic taste sensations, experienced when sodium ions are present in the food or drink consumed.