The Important Characteristic of Normative Statements Is That They

question 211

Multiple Choice

The important characteristic of normative statements is that they

• A)are based on somebody's values and cannot be tested.
• B)explain what normally happens in the real world.
• C)do not use the ceteris paribus assumption.
• D)explain what really exists.
• E)help guide us to what will normally occur if some economic variable changes its value.

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Definitions:

Unconscionable

Referring to an agreement or action that is excessively unfair or unjust, often to the degree that it is deemed unenforceable in a court of law.

Resell

The act of selling a product or service that one has bought to another buyer.

Pay

To give money in exchange for goods, services, or to settle a debt.

Perfect Tender Rule

A rule requiring the seller to deliver goods to the buyer that exactly meet the terms of the contract, without any deviation.