Indicate whether each of the following is a positive or normative economic statement: I. The imposition of a price ceiling below equilibrium price will lead to a shortage of housing. II. The local government should control the rate of increase in rents so that low-income residents are not forced to move from the area
Statement I is a positive economic statement because it is testable.
Statement II is a normative economic statement because it reflects a value judgment.
Economics
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Trade is often restricted because the
A) gain per producer is larger than the loss per consumer. B) total gain to all producers is larger than the total loss to all consumers. C) gain per producer is less than the loss per consumer. D) total gain to all producers is smaller than the total loss to all consumers. E) gain per consumer is larger than the loss per producer.
Economics
In the above table, the unemployment rate is
A) 6 percent. B) 24 percent. C) 18 percent. D) 29 percent.
Economics