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:

Honesty

The quality of being truthful, trustworthy, and sincere in one's words and actions.

Integrity

The characteristic of being truthful and upholding high ethical standards.

Ethics Culture

A set of shared values and principles that guide the behavior and decision-making processes within an organization.

Ethical Standards

Accepted principles of right or good conduct in professional practices and individual behavior.