Which of the Following Are Positive Economic Statements and Which

question 143

Essay

Which of the following are positive economic statements and which are normative economic statements?
a.An increase in the price of gasoline will decrease the quantity of gasoline purchased.
b.The government should eliminate the minimum wage.
c.All states should raise the minimum wage to at least $10 per hour.
d.The government should scrap its current income tax structure in favor of a flat tax.
e.Unemployment has increased since the onset of the recession.
f.The government should not bail out investment banks during a financial crisis.

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Definitions:

Partnership Agreement

A legal document that specifies the rights and obligations of partners within a business partnership.

Deceased Partner

A Deceased Partner is a member of a partnership who has passed away, raising considerations regarding the continuation or dissolution of the business under partnership laws.

Majority Vote

A decision-making process where more than half of the votes cast by members eligible to vote are needed to pass a resolution or make a decision.

Unanimous Vote

A voting result in which all participants agree and vote the same way on a particular issue or election, showing total agreement.