Which of the Following Are Positive Economic Statements and Which

question 148

Essay

Which of the following are positive economic statements and which are normative economic statements?
a.An increase in the minimum wage causes unemployment.
b.The government should raise the minimum wage above $7.25 per hour.
c.The prolonged recession has caused the unemployment rate to reach a 30-year high.
d.Interest rates need to be lower for the economy to emerge from the recession.
e.Inflation has decreased since the onset of the recession.
f.Once the recession has ended,interest rates should increased to assure that inflation does not go up.

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Definitions:

Buying Center

A team within a company that participates in the decision-making process for a purchase.

Gatekeeper

An individual or entity that controls access to something, often referring to decision-makers in businesses who control the flow of information or access to resources.

Auto Repair Shops

Businesses specialized in repairing and maintaining vehicles, including cars, trucks, and motorcycles.