Positive Economics Is a Method of Inquiry That Attempts to Explain

question 75

True/False

Positive economics is a method of inquiry that attempts to explain the observable, and is limited to verifiable statements, while normative economics suggests a course of action that we should take based on a particular set of values and preferences.

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Definitions:

Material B

A generic term often used to denote a specific type of material used in the manufacturing or production process.

Budgeted Total Sales

The estimated total revenue that a business plans to generate from goods or services sold within a specific period.

Sales Estimates

Projections or predictions about the amount of revenue that will be generated through sales activities within a certain period.

Budgeted Sales

An estimate of the sales volume and revenue expected to be achieved in a specific period, typically used for planning purposes.