The statement ?Higher inc

The statement ?Higher inc

The statement ?Higher income makes people happier,? is a statement of normative economics. (True or False) Why?If there is a scarcity of a good, there must also be a shortage. (True or False) Why?If a production possibilities curve shifts outward, then the economy moves from unemployment to full employment. (True or False) Why?Since a market at its equilibrium has no shortage or surpluses, we can therefore conclude that buyers and sellers in that market are happy. (True or False) Why?A good whose consumption decreases when income decreases, ceteris paribus, is called a normal good. (True or False) Why?

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