4 - Positive And Normative Economics Flashcards
1
Q
What are objective economic statements?
A
They can be proven true or false
2
Q
What are subjective economic statements?
A
They express opinions and cannot be proven true or false
3
Q
What is a normative statement?
A
They are subjective statements
4
Q
What is a positive statement?
A
They are objective statements
5
Q
What words indicate a normative statement?
A
Fair, unfair, should, ought, better and worse
6
Q
What do governments do in decision making?
A
Make value judgements on economic issues
Use positive analysis to help them make decisions
