Classify each of the following statements as positive or normative.?
Classify each of the following statements as positive or normative.? An economy consists of three workers: Larry, Moe, and Curly. Each works 10 hours per day and can produce two services: mowing lawns and washing cars. In one hour, Larry can either mow one lawn or wash one car; Moe can either mow one lawn or wash two cars; and Curly can either mow two lawns or wash one car. Calculate how much of each service is produced under the following circumstances:
a. all three spend all their time mowing lawns
b. all three spend all their time washing cars
c. all three spend half their time on each activity
d. Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns
6. Classify each of the following statements as positive or normative. Explain.
a. Society faces a shortâ€?run tradeâ€?off between inflation and unemployment.
b. A reduction in the rate of growth of money will reduce the rate of inflation.
c. The Federal Reserve should reduce the rate of growth of money
d. Society ought to require welfare recipients to look for jobs.
e. Lower tax rates encourage more work and more saving.