STAYER ECO 450 Week 3 Quiz 2 Ch . 2 and 3
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1 . The normative approach to public finance prescribes certain actions to achieve predetermined criteria .
2 . Positive economic analysis is based on underlying value judgments .
3 . “ The government should abolish tariffs to achieve efficiency ” is a normative statement .
4 . It is possible for efficiency not to be attained even if all production is carried on without waste .
5 . Efficiency is attained when resources are used each year in such a way that no further net gain is possible .
6 . The efficient annual output of any given good is attained if that good is made available in amounts up to the point at which the total social benefit of the good equals the total social cost .