Which of the Following Most Clearly Distinguishes Between Positive and Normative

question 138

Multiple Choice

Which of the following most clearly distinguishes between positive and normative economics?

• A) Positive economics is the study of what ought to be; normative economics is concerned with the facts.
• B) Positive economics is the study of the facts; normative economics is concerned with what ought to be.
• C) Positive economics is the study of supply and demand in narrowly defined markets such as the market for shoes; normative economics focuses on highly aggregated markets such as the market for all consumer products.
• D) Positive economics is the study of goods that are scarce; normative economics is concerned with goods that are not scarce.

Grasp the analytic decision-making process, its logic, and the importance of considering all available data.

Understand the concept of the expected value of perfect information (EVPI) and how it impacts decision-making.

Learn how decision tables and trees are used to visually represent decisions and their outcomes.

Understand genetic concepts and their influence on physical and behavioral traits.

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Definitions:

Adjudication

The process of resolving a dispute by presenting evidence and arguments before a neutral third party decision maker in a court or an administrative law proceeding.

Agency Violation

Occurs when an agent acts outside the scope of authority granted by the principal, leading to potential legal repercussions.

Freedom of Information Act

A law that grants the public access to records from any federal agency, promoting transparency and accountability in government.

Federal Bureau

A generic term for a government entity that conducts specific government functions at a national level, often used in the context of law enforcement or investigation.