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11 June, 17:54

Determine if the following items represent an example of positive economics or normative economics. The richest 1% of Americans should pay more taxes than the rest of the 99%. A decrease in the supply of coconut will increase the price of German chocolate cake, a good which requires coconut shavings as a key ingredient. The higher the minimum wage, the higher the price of goods and services is likely to be. Social welfare spending in Sweden occupies too large a portion of the national budget.

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  1. 11 June, 18:39
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    1. The richest 1% of Americans should pay more taxes than the rest of the 99% - Normative Economics

    2. A decrease in the supply of coconut will increase the price of German chocolate cake, a good which requires coconut shavings as a key ingredient - Positive Economics

    3. The higher the minimum wage, the higher the price of goods and services is likely to be - Positive Economics

    4. Social welfare spending in Sweden occupies too large a portion of the national budget - Normative Economics
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