Author Question: List and describe the two areas of positive economics. What will be an ideal ... (Read 69 times)

corkyiscool3328 · **on:** Jun 29, 2018

List and describe the two areas of positive economics.

What will be an ideal response?

Question 2

In 1930, the U.S. government attempted to help domestic firms that were harmed by the Great Depression by passing the Smoot-Hawley Tariff. In response to this tariff, other countries ________ and international trade ________.

A) lowered their tariffs; thrived
B) raised their tariffs; collapsed
C) doubled their tariffs; became unrestricted
D) eliminated tariffs; began to grow outside of the United States

raenoj · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

Descriptive economics involves the compilation of data that describe economic phenomena and facts. Economic theory involves a statement or a set of related statements about cause and effect (action and reaction).

Answer to Question 2

B