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Chapter 2: Q16 (page 44)
What is the difference between a positive and a normative statement?
Positive Statements show actual situation. Normative Statements show how the situation should be.
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Do economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements (i.e., what will happen) about some economic policy, for example, but
do they have special expertise to judge whether or not
the policy should be undertaken?
What are the similarities between a consumer鈥檚 budget constraint and society鈥檚 production possibilities frontier, not just graphically but analytically?
What assumptions about the economy must be true for the invisible hand to work? To what extent are those assumptions valid in the real world?
7. Would a research study on the effects of soft drink consumption on children鈥檚 cognitive development be a positive or normative statement?
Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
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