Normative Economics

question 13

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.

---

Definitions:

Technology

The use of scientific understanding for functional aims, particularly within the industrial sector.

Motorcycles

Two-wheeled vehicles powered by an engine, designed for individual or small number passenger transport.

Opportunity Cost

The value of the next best alternative foregone as the result of making a decision.

Sailboats

Sailboats are vessels propelled partly or entirely by sails and are used for navigation, racing, or recreation.