"A positive economic statement is always true and a normative economic statement is always false." Do you agree or disagree with this statement? Explain
What will be an ideal response?
Disagree. A positive statement is one that is either descriptive or makes a prediction of the type "if A, then B." A descriptive statement can be false. For example, the statement, "It is raining today," may be either true or false. A prediction can also be false. A normative statement cannot appeal to evidence. The statement, "It shouldn't rain today," cannot be evaluated as either true or false by looking to see if is raining or not.
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A. convenience. B. exchange value. C. intrinsic value. D. shape.
Summarize the history of how the Federal Reserve came to have twelve districts
Creative destruction is not automatic because:
A. there are major obstacles to the entry of new innovative firms into concentrated industries. B. consumer tastes are highly unstable. C. corporate takeovers increase dynamic competition. D. large firms rarely are technologically progressive.
The relationship between the price that a perfectly competitive firm can charge buyers and the firm's marginal revenue is that the price is ________ marginal revenue over all output.
A. below B. equal to C. above D. sometimes above and sometimes below