42."Economics is concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity." This statement is (1 Point)positive but incorrect.positive and correct.normative but incorrect.normative and correct.43.Ben says that "an increase in the tax on beer will raise its price." Holly argues that "taxes should be increased on beer because college students drink too much." We can conclude that (1 Point)Ben's statement is normative, but Holly's is positive.Holly's statement is normative, but Ben's is positive.both statements are normative.both statements are positive.44.Reza says "the minimum wage is too low." Iman states that "raising the minimum wage would be unfair to employers." We can conclude that (1 Point)Reza' statement is positive, but Iman's is normative.Reza's statement is normative, and Iman's is normative.Both statements are positive.Iman's statement is positive, but Reza's is normative.45.Luisa claims that "government spending $100 billion on infrastructure will reduce transportation costs by 10 percent." Joachim counters that "$100 billion on infrastructure spending will reduce transportation costs by 20 percent." We can conclude that (1 Point)Luisa's statement is normative, but Joachim's is positive.Joachim's statement is normative, but Luisa's is positive.both statements are normative.both statements are positive46."Macroeconomics is the part of economics concerned with individual units, such as a person, a household, a firm, or an industry." This statement is (1 Point)positive but incorrect.positive and correct.normative but incorrect.normative and correct.

“The government should reduce income taxes” – this statement is an example of positive economics.Question 28Select one:TrueFalse

Identify each of the following statements as positive or normative.a. Canada is the best country in the world to live in. This is a statement.b. Canada's national income has risen for the last five years. This is a statement.c. If the world price of wheat rises, Canada will export less wheat. This is a statement.d. Unemployment is a more serious problem than inflation. This is a statement.

The rise of craft beer consumption has put pressure upon the mainstream beers (e.g Tooheys, XXXX, Carlton Draught). For many consumers craft beers are a preferable substitute to the mainstream beers. Following the increased popularity of craft beer, a report was been released showing that moderate beer consumption is good for your health. In order to limit binge drinking in society, the government decides to place a tax on all alcohol consumption. If the effect of the report on beer consumption is minor, while the tax drastically increases the price of beer, will the market price of craft beer be lower/equal/higher than prior to the rise in popularity of craft beer. [a] (Type L for lower, E for equal, H for higher, N for need more information).

Assume that a 3% increase in income across the economy produces a 1% decrease in the quantity of fast food demanded. The income elasticity of demand for fast food is ____________, and therefore fast food is _______________Multiple Choicenegative; an inferior good.negative; a normal good.positive; an inferior good.positive; a normal good.

Research has found that an increase in the price of beer would reduce the amount of marijuana consumed. This research indicates that the cross elasticity of the two products ismultiple choicenegative so that beer and marijuana are complements.negative so that beer and marijuana are substitutes for one another.positive so that beer and marijuana are complements.positive so that beer and marijuana are substitutes for one another.