Explain whether the statement, "Hillary Clinton was elected President of the United States in 2008," is a normative or positive statement
What will be an ideal response?
The statement is a positive statement because it does not depend on a value judgment. Instead, it is a statement that tries to describe "what is" and hence is testable. Now, it is indeed the case that Hillary Clinton was not elected president in 2008, so when we test the statement we discover that it is incorrect. But, whether the statement is correct or not has no bearing on whether the statement is positive or normative. Thus, the statement "Hillary Clinton was elected President in 2008" is a positive, albeit incorrect, statement.
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According to the quantity theory of money, if the growth rate of money supply is 6% and the growth rate of real GDP is 9%, then the growth rate of nominal GDP in the economy will be:
A) 9%. B) 6%. C) 3%. D) 15%.
In the figure above, the shift in the supply curve for U.S. dollars from S0 to S2 could occur when
A) the U.S. interest rate falls. B) the expected future exchange rate rises. C) the U.S. interest rate differential increases. D) the current exchange rate falls.
What are transfer payments?
What will be an ideal response?
Expansionary monetary policy generally:
A. raises U.S. interest rates. B. pushes down the value of the U.S. dollar. C. increases the U.S. exchange rate. D. increases the inflow of financial capital.