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Author Question: Indicate whether each of the following is a positive or normative economic statement: I. The ... (Read 98 times)

sheilaspns

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on: Jun 30, 2018
Indicate whether each of the following is a positive or normative economic statement: I. The imposition of a price ceiling below equilibrium price will lead to a shortage of housing. II. The local government should control the rate of increase in rents so that low-income residents are not forced to move from the area.

Question 2

Which of the following is included in GDP calculations?
 a. the college tuition paid to enroll in a course
 b. a check for 50 received on your birthday
 c. cash income received by a self-employed landscaper that is not reported to the IRS
  d. sales revenue received from a yard sale


marict

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Reply #1 on: Jun 30, 2018
Answer to Question 1

Statement I is a positive economic statement because it is testable.
Statement II is a normative economic statement because it reflects a value judgment.

Answer to Question 2

a


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sheilaspns

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Reply #2 on: Jun 30, 2018
Thank you


marict

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Reply #3 on: Jun 30, 2018
No problemo


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