(a)
If
(b)
If market achieves efficient results, identify whether the statement belongs to positive, normative or art of economies.
(c)
Identify if one wants a reasonably efficient result, market should probably be relied on, whether this statement belong to positive, normative or art of economies.
(d)
Identify whether distribution of income should be left to markets, and whether the statement belongs to positive, normative or art of economies.
(e)
Identify ‘the market allocates income according to contributions of factors of production’ whether the statement belongs to positive, normative or art of economies.
Want to see the full answer?
Check out a sample textbook solutionChapter 1 Solutions
Economics (11th Edition) Standalone Book
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education