____ Are the Two Basic Types of Probabilities

question 31

Multiple Choice

____ are the two basic types of probabilities.

• A) Objective and subjective
• B) Macro and micro
• C) Tangible and intangible
• D) Certainty and uncertainty
• E) Cause and effect

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Definitions:

Labor Economics

A branch of economics that studies the dynamics of the markets for wage labor, including demand and supply, wage determination, and labor productivity.

Normative Economics

A branch of economics that focuses on what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal.

Formal Statement

A formal statement typically refers to an official, explicitly articulated declaration of facts, intentions, or principles.

Empirical Measure

A method or metric that is based on observation or experience rather than theory or pure logic.