Indicate Whether Each of the Following Is a Positive or Normative

question 1

Essay

Indicate whether each of the following is a positive or normative economic statement:
I.The imposition of a price ceiling below equilibrium price will lead to a shortage of housing.
II.The local government should control the rate of increase in rents so that low-income residents are not forced to move from the area.

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Definitions:

Dominant Group

A social group that possesses the majority of wealth, power, and status in a society, often setting norms and values.

Demographic Shifts

Changes in the composition of a population over time, which can include factors like age, ethnicity, gender distribution, and migration patterns.

Social Institutions

Structured systems of social order that govern the behavior and expectations of individuals within a society, such as family, education, and government.

Socially Constructed

A concept or perception that does not inherently exist in nature but is created and maintained by society or social groups.