Which of the following is an example of a positive, as opposed to normative, statement?
a. Inflation is more harmful to the economy than unemployment is.
b. If welfare payments increase, the world will be a better place.
c. Prices rise when the government prints too much money.
d. When public policies are evaluated, the benefits to the economy of improved equality should be considered more important than the costs of reduced efficiency.
c
Economics
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Relying on majority rule of voting will yield a social optimum of all products
Indicate whether the statement is true or false
Economics
Suppose a professor announces at the beginning of a course that he will give no failing grades because they are too damaging to self-esteem. How does such a policy affect equality and efficiency?
What will be an ideal response?
Economics