Give an example of a positive statement and an example of a normative statement that somehow relates to your daily life. • Name three parts of government that regularly rely on advice from economists.
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The validity of a positive statement is verifiable or testable in principle, no matter how difficult it might be. Example 1: The weight of the earth is 6 septillion (6 × 1024) metric tons. Example: An increase in the minimum wage increases unemployment among teenagers. Normative statements contain a value judgment.
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