Essay
Explain the differences between positive economics, normative economics, and the art of economics. Explain why you would categorize each of the following three statements as belonging to positive economics, normative economics, or the art of economics.
(a) The unemployment rate is 6.5 percent.
(b) The unemployment rate is unacceptably high.
(c) If the government wants to reduce the unemployment rate, it should try cutting taxes.
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Positive economics is the study of what ...View Answer
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