Question 4 and 5
a. The first stamen on family decision about the amount of income to save is classified as a micro-economics.
b. The effect that comes as a result of government regulating things like auto emission can be classified as macroeconomics.
c. The high national savings of a country for the objectives of economic growth is classified as macroeconomics.
d. The number of workers to be hired in a given firm is classified as microeconomics.
e. Changes in the quantity of money versus the inflation can be classified as macroeconomics (Chapter 2, 19).
a. The statement of society facing a short-run tradeoff as a result of inflation and unemployment is termed as a positive statement because it expresses what it ought to be as the result of unemployment. Thus the statement shows how the economy is rather than how it should be (Chapter 2, 20).
b. Reduction in money growth rate statement against influencing inflation is a positive economic statement because it describes the economic phenomena. For instance, the above statement gives the cause-and-effect behavioral relationships of growth of money and inflation
c. The opinion for the Bank of Canada to reduce the rate of growth of money is a normative statement because it is stating the opinion rather than the facts.
d. Welfare requirement in the quest for the job is a normative economic statement due to the following reason. The statem…
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