Positive Statements in Economics

question 240

Multiple Choice

Positive statements in economics:

• A) can be verified only through appeals to judgments and values.
• B) usually are not part of the ethical debates about economic activities.
• C) provide information for people engaged in political and ethical discussions.
• D) typically cannot be empirically evaluated.

---

Definitions:

Isoquant

Curve showing all possible combinations of inputs that yield the same output.

Minimum Cost

The lowest possible expenditure to produce a given quantity of goods or services.

Expansion Path

Curve passing through points of tangency between a firm’s isocost lines and its isoquants.

Long Run

A period in which all factors of production and costs are variable, allowing all inputs to be adjusted.