A noted economist recently stated, “This last recession, that ended in November 2010, had lasted 32 months, which is almost 4 times longer than the average recession (which is 9 months), and had the highest unemployment rate (10.6%) we have seen in the last 25-30 years.“ In terms of time and unemployment, this recession is more severe.
a. Is this positive or normative? Explain your answer. b. Is this macro or micro? Explain your answer.