Illustrate normative statement
In economics illustrate normative statement?
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The term normative statement in economics is just like a normative statement in any other academic subject. We can say it is a statement about something with an implicit value judgment or moral claim.
It is differ from a descriptive statement i.e. supposed to be ideologically or value neutral.
Describe how technological advancement influence the supply of specific product.
A purely competitive economy along with no externalities or public goods tends to be efficient since: (1) firms try to act socially responsible. (2) government planners specify the best allocation. (3) all prices approximate marginal social benefits a
Why does a good or service become a public good or service?
The supposition that a ‘felicific calculation’ gives a proficient guide for fitting punishment to the crime committed is an integral portion of: (1) Gresham’s Law that ‘Bad will drive out Good’. (2) Jeremy Bentham’s utilitarianism.
Chose the right answer from the following . The marginal benefit curve is: 1) upsloping because of increasing marginal opportunity costs. 2) upsloping because successive units of a specific product yield less and less extra benefit. 3) downsloping because of increasin
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The time and other opportunity costs incurred in obtaining information regarding products and prices and in that case driving to and from markets are illustrations of: (1) mobilization costs. (2) contracting costs. (3) transactions co
No profit-maximizing unregulated monopoly will function in the inelastic portion of the demand curve this faces since: (w) marginal revenue is negative. (x) total revenues are negative. (y) total revenue falls as less is produced. (z) marginal revenue
The owner of a city centre car park desires to know the best price to charge for parking throughout office hours on weekdays. On a usual weekday, the car park is at present only half full.
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