LS4 - Economic Statements

Question 1

Objective Statements

Answer 1

Based on real facts and not influenced by personal beliefs/feelings.

Question 2

Subjective Statements

Answer 2

Influenced or based on personal beliefs/feelings.

Question 3

Positive Economic Statements

Answer 3

Can either be true or false

Question 4

Normative Economic Statements

Answer 4

Based on opinions and therefore there’s no right or wrong answer.

Question 5

How Do Governments Use Economic Statements

Answer 5

To help them when making a decisions.

Question 6

What Is A Duty?

Answer 6

Tax paid on goods that are imported/bought.