Is the Following a Positive or Normative Statement? the Unemployment

question 17

Short Answer

Is the following a positive or normative statement? The unemployment rate in Nevada is higher than the unemployment rate in New York.

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Definitions:

Cost-Minimizing

A strategy or process of finding the most efficient way to produce goods or services at the lowest possible cost.

Inputs

The resources (such as labor, capital, materials, and energy) used in the production process to produce goods and services.

Marginal Product

The increase in output that results from employing one more unit of a factor of production, holding all other factors constant.

Labor Costs

The total expenses incurred by companies for the payment of wages, benefits, and taxes associated with the employment of labor.