How Do Economists View Normative Statements

question 151

Multiple Choice

How do economists view normative statements?

• A) descriptive, making a claim about how the world is
• B) as false statements about the normal condition of the world
• C) prescriptive, making a claim about how the world ought to be
• D) as statements that establish production goals for the economy

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Definitions:

Judicial Determination

A decision made by a court or a judge regarding the outcome of a legal matter.

Capital Contribution

The act of providing assets or funds to a partnership or company by its owners or partners to support its operations or start-up.

Seize Partnership Property

The act of taking control over property or assets owned by a partnership, often through legal or financial processes.

Personal Debt

Financial obligations incurred by an individual, as opposed to those owed by companies or governments.