Q-10 Tell whether the following five statements belong in positive economics, normative economics, or the art of

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Q-10 Tell whether the following five statements belong in positive economics, normative economics, or the art of economics.

1. We should support the market because it is efficient.

2. Given certain conditions, the market achieves efficient results.

3. Based on past experience and our understanding of markets, if one wants a reasonably efficient result, markets should probably be relied on.

4. The distribution of income should be left to markets.

5. Markets allocate income according to contributions of factors of production.

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Microeconomics

ISBN: 9780077501808

9th Edition

Authors: David Colander

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