The Difference Between Positive Economic Statements and Normative Economic Statements

question 71

Multiple Choice

The difference between positive economic statements and normative economic statements is that

• A) positive statements are based on opinion while normative statements are based on fact
• B) positive statements are true and normative statements are often false
• C) positive statements are often false and normative statements are true
• D) positive statements are based on fact while normative statements are based on opinion
• E) both b and d.

Identify significant events and figures in the early colonization of North America.

Examine the relationship between colonial powers and indigenous peoples, including alliances and conflicts.

Understand the significance of specific colonies and settlements in the broader context of North American colonization.

Explore the role of religion and religious groups in colonization efforts and colonial life.

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Definitions:

Degree of Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.

Availability of Substitutes

The presence of alternative goods or services that consumers can use in place of another.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly altered when the price of that good or service changes.

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain period of time.