Which of the following statements is true?
A) Positive economics deals with issues that are subjective.
B) Normative statements depend on personal preferences.
C) Positive economics recommends what people ought to do.
D) Normative economic statements can be confirmed or disproven.
B
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The United States bans most imports from all of the following countries except
A) China. B) Cuba. C) North Korea. D) Iran.
Average revenue is equal to
A. TR/Q. B. (P × Q)/P. C. TR × Q. D. All of the responses are correct.
If economic profit is zero, then a normal profit is earned
a. True b. False Indicate whether the statement is true or false
In the short run, a firm will produce a rate of output where marginal revenue equals marginal cost, even if total revenue is less than total cost, as long as total revenue exceeds total variable cost
Indicate whether the statement is true or false