Explain the difference between positive economics and normative economics
What will be an ideal response?
Positive economics seeks to understand behavior and the operation of systems without making judgments. It describes what exists and how it works. Normative economics analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action.
Economics
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An increase in the wage rate of steel workers will reduce the supply of steel.
Indicate whether the statement is true or false.
Economics
The marginal tax rate can be calculated by which of the following formulas?
A. total taxes due divided by total taxable income B. total taxable income divided by total taxes due C. the change in taxable income divided by the change in taxes due D. the change in taxes due divided by the change in taxable income
Economics