Multiple Choice
Normative economics:
A) involves value judgments.
B) tries to present the mere facts about the economy.
C) sets social norms and beliefs at the centre of the analysis.
D) is concerned with the possible social states of an economy.
Correct Answer:
Verified
Correct Answer:
Verified
Q8: Microeconomics is concerned with:<br>A)distinguishing good from bad
Q9: The preferences of individuals are key to
Q10: Institutions are all of the following except:<br>A)informal
Q11: Overcrowding frequently occurs when consumers:<br>A)share common property.<br>B)receive
Q12: Competition is:<br>A)the consequence of "more is better."<br>B)utterly
Q14: A market is characterized by the demand
Q15: In what way is drinking water a
Q16: A perfectly competitive market has all of
Q17: A market demand curve tells us how
Q18: Consider the water shortage problem described in