Problem
Some economists believe that to really understand macroeconomics, you must fully understand microeconomics. How does microeconomics relate to macroeconomics? (Normative Versus Positive Analysis) Determine whether each of the following statements is normative or positive:
a. The U.S. unemployment rate was below 6.0 percent in 2003.
b. The inflation rate in the United States is too high.
c. The U.S. government should increase the minimum wage.
d. U.S. trade restrictions cost consumers $20 billion annually.
e. (Role of Theory) What good is economic theory if it cannot predict the behavior of a specific individual?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.