A Positive Economic Statement

question 80

Multiple Choice

A positive economic statement:

• A) contains personal and social value judgments.
• B) is always a mathematical expression.
• C) should never be used by an economist.
• D) is proper provided the advocator is clear the position rests on personal assessment.
• E) is an unbiased report of the facts of the economy.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made when the other party has reasonably relied on that promise to their detriment.

Consideration

A fundamental component in contract law, referring to something of value that is exchanged between parties as part of an agreement.

Inventor

An individual who creates something new, whether it is an idea for a product, a device, or a process.

Exclusive Right

A legal entitlement allowing an individual or entity to engage in a particular activity or use a particular property to the exclusion of all others.