One Thing That Distinguishes Normative Economic Principles from Positive Economic

question 36

Multiple Choice

One thing that distinguishes normative economic principles from positive economic principles is that:

• A)normative principles are pessimistic and positive principles are optimistic.
• B)normative principles reflect social norms, and positive principles reflect universal truths.
• C)normative principles tell us how people should behave, and positive principles tell us how people will behave.
• D)normative principles tell us how people will behave, and positive principles tell us how people should behave.

Understand the purpose and key components of a marketing plan.

Comprehend the significance and frequency of strategic planning for firms.

Grasp the overall purpose and the actionable aspect of a marketing plan.

Understand the importance of situation analysis in strategic decision-making.

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Definitions:

POA Indicators

Present on Admission (POA) indicators are used in healthcare to mark whether a condition was present at the time of a patient’s admission to the hospital, crucial for billing and quality reporting.

Claim Forms

Claim Forms are documents used in the healthcare industry by patients or providers to request payment or reimbursement from health insurance companies for services rendered.

Long Run

A period wherein all factors of production and costs are variable, allowing firms to adjust all inputs to reach a desired output level.

Short Run

The short run in economics is a period during which at least one factor of production is fixed, limiting the ability of businesses to adjust to market changes fully.