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Defining terms and supporting your answers to questions

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Reference no: EM131357510

A minimum of 600 words total is required in defining the terms and supporting your answers to the questions

Briefly define the following two terms in your own words:

Positive economics

Normative economics

For the sake of argument (and this assignment) assume that global warming is a fact, caused by human activity and that it can be fixed by taxing producers for the amount of carbon they release. The problem is that this tax would greatly increase costs for everyone.

How would this situation be described in terms of Positive economics?

How would this situation be described in terms of Normative economics?

Which of these do you think is the correct way to describe this situation and why?

In addition, it should be written well using correct grammar, and references need to be properly APA formatted.

Reference no: EM131357510

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