Positive Economics

question 135

Multiple Choice

Positive economics:

• A) will usually tell us which policy is best.
• B) reveals "what ought to be" in economic matters.
• C) is of little use to policy makers.
• D) is the scientific study of "what is" among economic relationships.

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Definitions:

Predominant Purpose

The main intent or objective behind a contract or transaction, often used to interpret the nature of the agreement.

Auto-parts Manager

A professional responsible for overseeing the operations and inventory of an auto-parts store or department.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise considered binding, not because of a formal contract, but because it was relied upon by another to their detriment.

Quasi-contract

A legal concept where a court imposes an obligation on a party to prevent unjust enrichment or unfair benefit at the expense of another, even if no actual contract exists.