1) Identify whether the statement is positive or normative. (2 points each) a) b

Question

1) Identify whether the statement is positive or normative. (2 points each) a) b) c) The unemployment rate was 6.2% in 2009. Canada should withdraw from NAFTA. Canadian income distribution is unfair. d) US GDP is higher than Canadian GDP. 2) Suppose that the market for carrots is described by the following demand and supply curves Quantity Demanded-10-2P Quantity Supplied--2+2P a) Find the equilibrium price and quantity of carrots. (4 points) b) Draw the curves and identify the equilibrium. (2 points) cNow suppose that a disease decreases the supply of carrots, so that the new supply curve is QS6+2P. Find the new equilibrium price and quantity. How do price and quantity change? Draw the change on a graph and identify the old and new equilibria. (6 points total)

Explanation / Answer

1. a, c, d are positive and b is normative

(Statements that make a claim of how the word is are positive statements while as statements that make a claim about how the world should be are normative)

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.