Which of the following is a 'normative' economic statement?
A)The price of petrol is too high.
B)The current high price of petrol is the result of strong worldwide demand.
C)When the price of petrol rises, the quantity of petrol purchased falls.
D)When the price of petrol rises, transportation costs rise.

Question

Quizplus · Accepted Answer

A normative statement is a statement that makes a value judgement or reflects an opinion. Option A reflects a subjective opinion about the price of petrol being too high.

Which of the Following Is a 'Normative' Economic Statement