What is the difference between a positive statement and a normative statement?
a. A positive statement is contestable; a normative statement is testable.
b. A positive statement is subjective; a normative statement is contestable.
c. A positive statement is testable; a normative statement is objective.
d. A positive statement is objective; a normative statement is contestable.
d. A positive statement is objective; a normative statement is contestable.
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Because the Fed increased the money supply after the recession in the early 1990s, the
a. AD curve shifted to the left b. economy returned to equilibrium GDP at a price level that was lower than the original price level c. price level continued to increase after the recession ended d. price level fell back to its original level e. long-run equilibrium GDP decreased
A straight line production possibilities curve takes this shape because A) the opportunity cost of producing a good is constant. B) the opportunity cost of producing more of a good is decreasing. C) resources are better suit D) resources are fixed.