1. A noted economist recently stated, \"This last recession, that ended in Novem

Question

1. A noted economist recently stated, "This last recession, that ended in November 2010, had lasted 32 months, which is almost 4 times longer than the average recession (which is 9 months), and had the highest unemployment rate (10.6%) we have seen in the last 25-30 years." In terms of time and unemployment, this recession is more severe. a. Is this positive or normative? Explain your answer. b. Is this macro or micro? Explain your answer. demand anara Draw separate graphs of each to help support your answer. (Be sure you have addressed why each o these changes have occurred) 3. Completely state the law of demand and the law of supply. Then, explain what they mean in your own words Briefly explain both

Explanation / Answer

ANSwer 1

a) it is Positive because  it seeks to tell us the actual matter. This is a factual statement.It is positive — an objective statement , one that has factual information.

b) Macro because it is talking about the unemployed rate of the economy as a whole and not a single individual/firm or organisation.

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