Which of the following is a positive economic statement?
A)The standard of living in Canada should be higher.
B)If the price of iPhones falls, a larger quantity of iPhones will be purchased.
C)The government should restructure the health care system.
D)The Ontario government should not have bailed out Canadian auto manufacturers.

Question

Quizplus · Accepted Answer

This statement is positive because it makes a prediction about what will happen if a certain event occurs (the price of iPhones falling). It is based on the law of demand, which states that as the price of a good falls, the quantity of that good demanded will increase.

Which of the Following Is a Positive Economic Statement