Positive Economics Is an Approach That

question 67

Multiple Choice

Positive economics is an approach that:

• A)requires the economists to be as subjective as possible.
• B)makes research feel positive about the future
• C)requires the economist to be as objective as possible.
• D)is concerned with value judgments.

---

Definitions:

Substitute Goods

Products or services that can be used in place of each other, having a positive cross-elasticity of demand.

Productive Efficiency

A situation in which a good or service is produced at the lowest possible cost.

Quantity of Goods

The total number of physical units of a product or commodity that are available in the market.

Desired by Society

Pertains to something that is widely regarded as beneficial or needed by the majority of the community or population.