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Instructions:

1. Define the following two terms

  • Positive economics
  • Normative economics

2. For the sake of argument (and this assignment) assume that global warming is a fact, caused by human activity, and that it can be fixed by taxing producers for the amount of carbon they release. The problem is that this tax would greatly increase costs for everyone. Using this scenario answer the following questions:

  • would this situation be described in terms of Positive economics?
  • would this situation be described in terms of Normative economics?

Do you think is the correct what to describe this situation?

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  • Category:- Statistics and Probability
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