Which of the Following Statements About Positive Economic Analysis Is

question 111

Multiple Choice

Which of the following statements about positive economic analysis is true?

• A)Positive analysis uses an economic model to estimate the costs and benefits of different course of actions.
• B)There is much less disagreement among economists over normative economic analysis than over positive economic analysis.
• C)There is much more disagreement among economists over positive economic analysis than over normative economic analysis.
• D)Unlike positive economic analysis,normative economic analysis can be tested.

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Definitions:

Price Sensitive

Being affected by changes in the price of goods or services, often referring to consumers whose buying decisions are heavily influenced by price changes.

Price Elasticity

An economic concept that measures how the quantity demanded of a good changes in response to a change in its price.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good.

Elastic

A term often used in economics to describe a situation where the demand for a product or service significantly changes in response to a change in price.