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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Explain the principles of transitivity and the Condorcet paradox in preference aggregation.

Understand the concept of signaling and screening in mitigating information asymmetry.

Comprehend the impact of systematic biases and heuristics on decision-making and policy.

Apply knowledge of voting paradoxes and strategic voting to real-world scenarios.

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Definitions:

Gender Stereotypes

Widely shared beliefs about males’ and females’ abilities, personality traits, and social behavior.

Gender Identity

An individual's personal sense of their own gender, which may or may not correspond to the sex assigned at birth.

Perception of Self

An individual's awareness and understanding of their own personality, strengths, weaknesses, and unique characteristics.

More Flexible

The quality of being adaptable or willing to adjust to new conditions or circumstances.