Which of the Following Are Positive Economic Statements and Which

question 143

Essay

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

Work Outcomes

Work Outcomes refer to the results or outputs stemming from an individual's or organization's work efforts, including productivity, efficiency, and job satisfaction.

North America

A continent located in the northern hemisphere, bounded by the Arctic Ocean to the north, the Atlantic Ocean to the east, and the Pacific Ocean to the west and south.

Competence

The ability and skillset required to effectively perform a specific task or role.

Relatedness Needs

Psychological needs involving meaningful social connections and relationships with others, emphasizing the importance of social interaction for well-being.