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27 September, 10:51

Which of the following is an example of a normative economic statement? An increase in social security benefits will increase the welfare of all economic agents. C. An increase in subsidies to farmers will boost agricultural production. D. Relaxation of import duties will encourage imports

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  1. 27 September, 13:48
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    C. An increase in subsidies to farmers will boost agricultural production.

    Explanation:

    Normative economic statements are an approach to economics that analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe a course of action.

    Characteristics of normative statements:

    -It inquires what ought to be.

    -It make a decision on any economic issues without analysis.

    -It does not make any assumption while carring out economic analysis.

    -Its results is applied to specified issues.

    -Normative economics was supported and led by neo classical economists.

    Examples of Normative statements:

    -Pollution is the most serious economic problem

    -Unemployment is more harmful than inflation

    T-he congestion charge for drivers of petrol-guzzling cars should increase to £25

    -The government should increase the minimum wage to £7 per hour to reduce poverty.

    -The government is right to introduce a ban on smoking in public places.

    -The retirement age should be raised to 70 to combat the effects of our ageing population.

    -Resources are best allocated by allowing the market mechanism to work freely

    -The government should enforce minimum prices for beers and lagers sold in supermarkets and off-licences in a bid to control alcohol consumption

    -An increase in subsidies to farmers will boost agricultural production.
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