"The minimum wage should be increased so that low-income workers can afford to feed their families." What is this statement an example of?
A) a positive economic statement
B) a negative economic statement
C) a normative economic statement
D) the fallacy of composition

Question

Quizplus · Accepted Answer

This statement is an example of a normative economic statement, as it expresses a value judgment about what should happen in the economy. It is not a positive economic statement, as it does not simply describe what is currently happening or predict what will happen in the future. It is also not a negative economic statement, as it does not express a disapproval or criticism of the current economic situation. Finally, it is not an example of the fallacy of composition, which is the mistaken belief that what is true for one individual or group must be true for everyone.

"The Minimum Wage Should Be Increased So That Low-Income Workers