The difference between positive economic statements and normative economic statements is that
A) positive statements are based on opinion while normative statements are based on fact
B) positive statements are true and normative statements are often false
C) positive statements are often false and normative statements are true
D) positive statements are based on fact while normative statements are based on opinion
E) both b and d.

Question

Quizplus · Accepted Answer

Positive economic statements are factual and based on evidence while normative economic statements are based on subjective opinions and values. Therefore, positive statements are based on fact while normative statements are based on opinion.

The Difference Between Positive Economic Statements and Normative Economic Statements