Illustrate the term Positive and Normative Economics
Illustrate the term Positive and Normative Economics?
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1. Positive economics describes the economy as it actually is, avoiding value judgments and attempting to establish scientific statements about economic behavior.
2. Normative economics involves value judgments about what the economy should be like and the desirability of the policy options available.
3. Most disagreements among economists involve normative, value-based questions.
“The legal form an enterprise assumes is dictated primarily by the financial requirements of its particular line of production.” Do you agree?
Who will get the goods and services?
surpluses drives price down,shortages drive up
Briefly explain the term leverages?
Illustrate the 3rd the government redistributes income?
Writ short note on the Income of personal distribution?
What are the limitations of Circular Flow Model?
Use the circular flow model to confirm this assertion for a 2% reduction in the Federal corporate income tax.
Which of the given describes a situation in which each good or service is produced up to the point where the last unit gives a marginal benefit to consumers equivalent to the marginal cost of producing this? w) productive efficiency.
The points on a production possibilities curve communicate to combinations of goods which: (1) Can’t be generated with no technological advances. (2) Utilize all resources fully and efficiently in the production. (3) Can be generated, however use economic capaci
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