Question
Define positive economics and normative economics. Explain if each of the following statement is positive economics or normative economics and why: a)Minimum wage should be
Define positive economics and normative economics. Explain if each of the following statement is positive economics or normative economics and why:
a)Minimum wage should be $15.00 an hour
b)The average compensation package of a sample of 10 Fortune 500 companies was estimated to be $13.5 million
c)Drafts for professional sports like NBA, NFL and MLB is a market solution
d)Compared to a History Major an Accounting Major is expected to make significantly more
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Introductory Econometrics A Modern Approach
Authors: Jeffrey M. Wooldridge
4th edition
978-0324581621, 324581629, 324660545, 978-0324660548
