Multiple Choice
Normative economic statements
A) describe what ought to be.
B) describe what is rather than what ought to be.
C) describe the process of economic policy-making.
D) deal with economic hypotheses that are not well-established laws.
Correct Answer:
Verified
Correct Answer:
Verified
Q372: Economics can be defined as the social
Q373: Scarcity affects only those who are in
Q374: The graph of two variables, x and
Q375: A positive statement is<br>A) about what ought
Q376: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -In the above
Q378: If the quantity of wood purchased decreases
Q379: A graph shows the price of a
Q380: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8586/.jpg" alt=" -In the above
Q381: If a curve rises and then falls,
Q382: Define marginal cost and marginal benefit.