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SP21 Practice Assignment Ii: COMSATS University Islamabad, Lahore Campus

This document contains practice assignment questions for a macroeconomics course. It includes instructions for the assignment and two questions. Question 1 asks the student to explain the difference between positive economics and normative economics and provide examples of each. Question 2 asks the student to explain the difference between a budget deficit and a budget surplus. The student provides definitions and examples for each term.

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Adnan Ahmad
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45 views2 pages

SP21 Practice Assignment Ii: COMSATS University Islamabad, Lahore Campus

This document contains practice assignment questions for a macroeconomics course. It includes instructions for the assignment and two questions. Question 1 asks the student to explain the difference between positive economics and normative economics and provide examples of each. Question 2 asks the student to explain the difference between a budget deficit and a budget surplus. The student provides definitions and examples for each term.

Uploaded by

Adnan Ahmad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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COMSATS University Islamabad, Lahore Campus

SP21
PRACTICE ASSIGNMENT II
Course Title: Macro Economics Course Code: ECO101 Credit Hours: 3
Course Hina Amir Program Name: BBA (SDP-FA20- )
Semester: 2 Batch: FA20 Section: C Date: March 2, 2021
Time Allowed: 45 Minutes Maximum Marks: 10
Student’s Name: Muhammad UMER Reg. No. FA20-BBA-223
Important Instructions / Guidelines:
a. Read the question carefully and spend considerable time on thinking and drafting the answer.
b. Don’t copy and paste the answer from any source. Use your own simple words to explain the
answers. Copied material will be marked zero.
c. Answer the all questions on this sheet.
Question 1: (Read the above instructions first)

Explain the difference between positive economics and normative economics? Give examples.

Positive Economics:
The branch of economics that is concerned with examine and explaining
economic phenomena. It highlights the facts and relationships of cause and effect and includes the
development and testing of economic theories. For example: Government provided the healthcare
facility increases public expenditures.

Normative Economics:
The part of economics whose objective is fairness and what the outcome of
economy and several goals of public policy ought to be. For example: Unemployment harms the
economy more over than inflation.

Question 2:
Budget deficit and budget surplus. Explain the difference.

Budget deficit:
A budget deficit occurs when a government spends more in a given year that it
collects in revenues, such as taxes. For example: If government takes in $ 10 billion in revenue in a
particular year, and its expenditures for the same year are $ 12 billion, it is running a deficit of $ 2 billion.

Budget surplus:
It occurs when the tax revenue are greater than government spending. For
example: A government may have a budget deficit of $ 10 billion, but if they are spending $ 12 billion on
interest payments, we can say that there is budget surplus of $ 2 billion

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