Answer:
Positive Statements: 1st & 2nd ; Normative Statements: 3rd & 4th
Explanation:
Positive Economics is <u>objective</u> & <u>facts</u> based <u>actual</u> economic issue description , explaining verifiable phenomenas (causal relationships).
Normative Economics is <u>subjective</u> & opinion based conclusive <u>solutions</u> to economic issues, including '<u>ought to be</u>' unverifiable suggestions.
1. Lung cancer kills millions of people each year: reflects actual objective verifiable fact about an economic (health) issue.
2. Too many people smoke: denotes another actual objective variable fact connected to (potential cause of) the above economic (health) issue.
So , these two are Positive Statements.
3. If the government were to increase taxes on cigarettes, fewer people would smoke : Is subjective opinion based probable solution to the above economic (health) issue.
4. The government should increase taxes on cigarettes : Is an 'ought to' suggestion for an economic participant (govt) to solve the above economic (health) issue.
So , these two are Normative Statements
Answer:
FIFO ending inventory = $290000
Explanation:
given data
current year inventory = $200,000
end of the current year inventory = $250,000
start of the year LIFO reserve = $30000
end of the year LIFO reserve = $40,000
solution
LIFO reserve is difference between inventory using LIFo and inventory using FIFO
so
FIFO ending inventory = LIFO ending inventory + LIFO reserve ...............1
put her evalue we get
FIFO ending inventory = $250000 + $40000
FIFO ending inventory = $290000