Positive Economics Is a Mode of Inquiry That Attempts to Explain

question 229

True/False

Positive economics is a mode 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:

Secondary Obligations

Duties or liabilities that arise not from the primary contract but as a result of ancillary or supplementary agreements or circumstances.

Statute of Frauds

A legal concept that requires certain types of contracts to be in writing and signed by all parties involved to be enforceable.

Written Contract

An agreement between two or more parties that is expressed in written form and is intended to be enforceable by law.

Statute of Frauds

The Statute of Frauds is a legal principle requiring certain types of contracts to be in writing and signed to be enforceable.