Economists View Normative Statements as

question 12

Multiple Choice

Economists view normative statements as

• A)prescriptive,making a claim about how the world ought to be.
• B)descriptive,making a claim about how the world is.
• C)statements about the normal condition of the world.
• D)pessimistic,putting the worst possible interpretation on things.

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Definitions:

Pharmaceutical Company

A business entity focused on the research, development, production, and marketing of medications and medical treatments.

Product Innovation

The introduction of new or significantly improved goods or services in terms of their capabilities, components, or uses.

Chemical Engineer

A professional who applies the principles of chemistry, biology, physics, and math to solve problems involving the production or use of chemicals, fuel, drugs, food, and many other products.

Business Ownership

The legal possession and responsibility for a business entity, including sole proprietorships, partnerships, corporations, and limited liability companies.