Explain whether the statement, "There is life on Mars," 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. Of course, in order to test the assertion, it would be necessary to go to Mars to ascertain if there is life present. While it is difficult (!) at present to actually carry out the test, nonetheless the statement is testable and hence is a positive statement.
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Which of the following equals the ratio of the change in total revenues over the change in output?
A) total cost B) average revenue C) demand D) marginal revenue
Which of the following serve as the language of the market system?
a. Monetary and fiscal policies b. Volatility c. Market prices d. Lawsuits