Evaluate the following statement – "Economists are fond of saying that there are positive statements and normative ones but the truth is that all questions are really normative"
What will be an ideal response?
This statement could be interpreted as a normative statement but ironically it may actually be a positive statement. That is it may be a statement that can be verified with the use of logic. Whether it can be proved or not or whether it is true or not is not the issue. It is a statement of fact.
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Under current U.S. tax laws, individuals do not pay taxes on health insurance benefits they receive from their employers
Indicate whether the statement is true or false
The Jones family has always been in the business of manufacturing and selling automobile tires. Usually the profit they earn is reinvested in the business. This year Seth, the youngest son, wants to invest the profit into starting a candy company. If Seth is a shrewd businessman, what does his suggestion indicate?
How are the identities S = NCO + I and NCO = NX related to the foreign currency exchange market and the loanable funds market?
Reciprocity means:
A. doing good things for people and asking nothing in return. B. deriving utility from the action of a stranger. C. responding to another's actions with a similar action. D. deriving utility from an action that will cause another's utility to increase.