Which of the Following Are Positive Economic Statements and Which

question 133

Essay

Which of the following are positive economic statements and which are normative economic statements?
a.An increase in the price of petrol will decrease the quantity of petrol 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 favour 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:

Uniform Commercial Code

The Uniform Commercial Code (UCC) is a comprehensive set of laws that governs all commercial transactions in the United States, intended to standardize and simplify interactions across state lines.

Sale of Services

A sale of services occurs when a transaction is made in which the seller provides a service, such as consultation or maintenance, to the buyer in exchange for payment.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law among the states.

Copyright

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