Normative Economics Is About

question 79

Multiple Choice

Normative economics is about:

• A) verifying and confirming economic policy.
• B) describing, explaining, or predicting economic events.
• C) prescribing and making a claim on the economy.
• D) making recommendations about what economic policy should be.

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Definitions:

Gadd Severity Index

A scoring system used to measure the severity of criminal behavior by evaluating the seriousness of crimes committed.

Margin of Error

In statistics, it represents the range within which the true value of a population parameter is expected to fall, given a certain level of confidence.

Confidence Interval

A range of values derived from sample statistics that is likely to contain the value of an unknown population parameter.

P-Value

A measure in statistical hypothesis testing that helps in determining the significance of results.