Question: What is the difference between positive and normative economics?How can knowledge of positive economic be useful in normative economics?

What is the difference between positive and normative economics?How can knowledge of positive economic be useful in normative economics?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Using the adjusted trial balance in Problem 4-6B, prepare the income statement, statement of changes in equity, and classified balance sheet. Analysis Component: Why must liabilities be separated on...

Q:

Ali Company and Bill Company entered into a semi-annual pay plain vanilla interest rate swap with a nominal value of $8,000,000. Bill offered to pay Ali a fixed annual rate of 2.75% (with semi-annual...

Q:

Transition Probability matrix A Markov chain with state space {1, 2, 3} has transition probability matrix 0.6 0.3 0.1\\ P. = 0.3 0.3 0.4 0.4 0.1 0.5 (a) Is this Markov chain irreducible? Is the...

Q:

Welfare and Efficiency - End of Chapter Problem a . Consider the difference between positive and normative policy analysis. Use this knowledge to complete the passages. economics involves describing...

Q:

,,please answer all and provide references. 1. In the new millennium, competition at regional and global levels have become very intense among market players. Thus, leaders or captains of the...

Q:

Question: The core economic problem has been described in your textbook as "the process of providing for the material well-being of society". Aristotle and Chanakya, approximate contemporaries during...

Q:

67.What is the difference between positive and normative economics? How can knowledge of positive economics be useful in normative economics? 68.Interpret what an increase in demand and an increase...

Q:

67. What is the difference between positive and normative economics? How can knowledge of positive economics be useful in normative economics? 68. Interpret what an increase in demand and an increase...

Q:

67. What is the difference between positive and normative economics? How can knowledge of positive economics be useful in normative economics? 68. Interpret what an increase in demand and an increase...

Q:

What is an economic theory or model? What constitutes a "good" economic theory or model? What is the difference between positive and normative economics? How can knowledge of positive economics be...

Q:

67.What is the difference between positive and normative economics? How can knowledge of positive economics be useful in normative economics? 68.Interpret what an increase in demand and an increase...

Q:

1. What is the relationship between a table of Movies and a table of Actors Actresses and how might it be implemented in a relational database? 2. What types of business rules might determine the...

Q:

Competency test for high school sophomores has a normal distribution with a mean of 400 and a standard deviation of 100. a. The top 3% of students receive $500. What is the minimum score you would...

Q:

What is the marketing mix ( 4 P ' s ) ? Bullding blocks of controllable factors used to guide a marketing strategy The combination of different roles that make up a company's marketing team The...

Q:

A National distribution center (DC) has responsibility for supplying products to dealers located within a 30-mile radius of its location. Lately, the DC has been receiving a lot of complaints from...

Q:

The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Account Title Debits Credits Cash $ 95,000 Accounts receivable 190,000 Inventory 300,000...

Q:

As series of 100 measurements of a physical quantity have been made that show a random fluctuation characterized by a sample variance of 6% of the mean value. If the series is lengthened to 900...

Q:

The Adjusted Trial Balance for TILFORD Merchandising Corporation for the month ending May 1 (prior to the COGS calculation) is presented below. The inventory value shown is from the beginning of the...

Q:

Presented below is information related to Bramble Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $15,300 $15,402 $17,340 $14,280 Inventory at LCNRV 14,790 12,852 15,912 13,566...

Q:

Is a Professional Engineer allowed to review design work of another Professional Engineer? Explain your answer. Duncun works as a Quality Assurance Engineer at a large electronics company. He is...

Q:

Got to www.youtube.com/watch?v=evmCQFN6MuM and describe how S. Truett Cathys values and spirituality drove his individual and business ethics.

Q:

Discuss how S. Truett Cathys values shaped Chick-fil-As operation.

Q:

Review your answer to questions 5 and 6 and the associated video. Which of the Big Five Personality Traits do you think was strongest in S. Truett Cathy?