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Which of the following is a positive economic statement? a. If the price of butter increases, the quantity purchased by consumers will decline. b. Butter tastes better than margarine. c. Americans should eat more butter. d. Producers of margarine should not be permitted to package their product in a manner that makes it look like butter.

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Answer:

A) If the price of butter increases, the quantity purchased by consumers will decline.

Explanation:

Positive economic statements are based on facts and can be proven to be right or wrong, while normative economic statements are based on opinions and personal judgments which means that you might like them or not, but they cannot be 100% proven to be right or wrong.

The following three statements are normative, not positive:

  1. b. Butter tastes better than margarine.
  2. c. Americans should eat more butter.
  3. d. Producers of margarine should not be permitted to package their product in a manner that makes it look like butter.

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