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Q: 3. Identify the following statements as examples of positive economics, normative economics, or the art of economics: a. Based on microeconomic models, extending the tax cuts instituted in 2001 will
likely continue to further the trend of growing income inequality in the United States. b. The Federal government needs to raise the minimum wage to $8 per hour so that families will have sufficient income to meet their basic needs. c. A country’s overall income is more important than how that income is distributed. d. One in four workers today has no access to employment-based family health coverage. e. To reduce income inequality in the U.S., we could increase the earned-income tax credit. f. It is the federal government’s responsibility to assure health coverage for all families.
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Asked 8/29/2013 7:55:24 PM
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