Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 2 - Part I - Thinking Like an Economist - Quick Check Multiple Choice: 6

Answer

a.) Law X will reduce national income.

Work Step by Step

A positive statement makes a claim about how the world is, while a normative statement makes a claim about how the world should be. Positive statements can be confirmed or refuted using evidence, while normative statements involve values and ethics.
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