Legislators argue that a minimum wage law is instituted to help poor people. Economists can attack the minimum wage law on two fronts. First, some argue that government should not help the poor
Second, some argue that minimum wage laws actually hurt the poor because it creates unemployment. Which argument is normative and which is positive?
An opinion about the role of government is a normative statement. An observation about the impact of a law is a positive statement.
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Money in the United States today includes _______
A. currency and deposits at both banks and the Fed B. the currency in people's wallets, stores' tills, and the bank deposits that people and businesses own C. currency in ATMs and people's bank deposits D. the banks' reserves and bank deposits owned by individuals and businesses
Consider how the United States balance of payments accounts are affected when U.S. banks forgive two billion in debt owed to them by the government of Argentina
What will be an ideal response?
Which of the following has tended to increase the competitiveness of markets in the United States during the last couple of decades?
a. increases in transport costs b. development of the Internet c. decreased competition from imports d. more government regulation of product quality
When toilet paper sales increase, quarterly economic growth tends to rise. This is an example of:
A. correlation without causation. B. the presence of ceteris paribus. C. causation with no correlation. D. two variables that are negatively correlated.