"The standard of living is too low for many individuals in the United States. The government should implement policies designed to achieve a more equal distribution of income." The preceding statements are
A) positive economic statements based on cause and effect.
B) normative economic statements based on value judgments.
C) based on the fallacy of composition argument.
D) an empirically validated economic principle.

Question

Quizplus · Accepted Answer

The statements express opinions about what ought to be done, reflecting value judgments rather than objective analysis, which characterizes normative economics.

"The Standard of Living Is Too Low for Many Individuals