7 Which of the following statements are positive and which are normative? a A cut in wages...

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7 Which of the following statements are positive and which are normative? a A cut in wages will reduce the number of people willing to work. b High interest rates prohibit many young people from buying their first home. c No family ought to pay more than 25 per cent of its income in taxes. d The government should reduce its expenditure on roads and increase its expenditure on railways.

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Economics

ISBN: 9781503632943

5th Edition

Authors: Douglas McTaggart, McTaggart Findlay & Parkin, Christopher Findlay, Michael Parkin

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