Classify each of the following statements as positive or normative. Explain. a. Society faces a short-run trade-off

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Classify each of the following statements as positive or normative. Explain.
a. Society faces a short-run trade-off between inflation and unemployment.
b. A reduction in the rate of money growth will reduce the rate of inflation.
c. The Federal Reserve should reduce the rate of money growth.
d. Society ought to require welfare recipients to look for jobs.
e. Lower tax rates encourage more work and more saving.

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Principles of economics

ISBN: 978-0538453042

6th Edition

Authors: N. Gregory Mankiw

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