"The president of the world's biggest polluter (the United States) needs to do more than propose well-intentioned but insufficient measures that amount to using a squirt gun to quell a raging fire." Is this a positive or a normative economic statement? Explain your answer
This statement is normative. The key is the phrase "the president... needs to do more." This is a value judgment on the speaker's part.
Economics
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What makes a model compelling?
a. its predictions b. its mathematical structure c. its assumptions d. its simplicity
Economics
Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. If 10,000 units of iced tea are sold
A) the marginal benefit of each of the 10,000 units of iced tea equals $3. B) marginal benefit is less than marginal cost. C) the deadweight loss is equal to economic surplus. D) producer surplus equals consumer surplus.
Economics