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Macroeconomics 9th Edition by David Colander
Edition 9ISBN: 978-0077501860Macroeconomics 9th Edition by David Colander
Edition 9ISBN: 978-0077501860 Exercise 3
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.
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.
Explanation
Verified
Verified
Given information:
Current income is $3
Current income is $3
Macroeconomics 9th Edition by David Colander
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