Question

The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains should have been higher. The Secretary's statement is a(n) ____ economic statement, and the labor head's statement is a(n) ____ economic statement.

Answer 1

The answers are:

1. positive economic statement
2. normative economic statement

Step-by-step explanation:

Positive economic statements are objective statements based on objective information or facts (they can be true or not), not ideas, that can be checked using available evidence.

Normative economic statements express value judgments and opinions about certain topics or situations that can be liked or disliked.