Which of the following is a normative economic statement?
A)The price of wheat is too low.
B)The current low price of wheat is the result of increased worldwide supply.
C)When the price of wheat falls, the quantity of wheat purchased rises.
D)When the price of wheat falls, the cost of wheat-based products falls.

Question

Quizplus · Accepted Answer

A normative economic statement expresses a value judgment about what ought to be. The statement "the price of wheat is too low" is expressing an opinion about what the price should be, rather than describing what the price actually is (which would be a positive statement).

Which of the Following Is a Normative Economic Statement