Which of the following is a normative statement?
► Intermediate microeconomics should be required of all economics majors in order to build a solid foundation in economic theory.
► The minimum wage should not be increased, because to do so would increase unemployment.
► Smoking should be restricted on all airline flights.
► All of the given options.
Explanation:
all first three option subjective in nature and recommend some sort of line of action
(Intermediate microeconomics should be required ,The minimum wage should not be increased, Smoking should be restricted)
Normative Statements
Normative statements express an opinion about what ought to be. They are subjective statements rather than objective statements – i.e. they carry value judgments.
to understand better concentrate on highlighted text
Taken from handouts
Normative economics is the branch of economics that incorporates value judgments about what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal.
Please give me the following question AnswersIf a monopolist sets his output such that marginal revenue, marginal cost and average total cost are equal, economic profit must be:
► Negative.
► Positive.
► Zero.
► Indeterminate from the given information.When constructing a typical production possibilities curve, economists assume that:
► Economic resources are underutilized.
► Resources are equally productive in many alternative uses.
► All available resources are employed efficiently.
► Production technology is allowed to vary.--Which of the following is a normative statement?
► Intermediate microeconomics should be required of all economics majors in order to build a solid foundation in economic theory.
► The minimum wage should not be increased, because to do so would increase unemployment.
► Smoking should be restricted on all airline flights.
► All of the given options.
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