Questions That Involve Value Judgments Are

question 3

Multiple Choice

Questions that involve value judgments are

• A) Positive questions.
• B) Normative questions.
• C) Not relevant to microeconomics.
• D) Objective.

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Definitions:

Net Benefit

The total positive impact of a decision or action, subtracting any costs or negative effects associated with it.

Trade

The exchange of goods, services, or both between parties, which can occur domestically or internationally.

Perfectly Competitive Market

A market structure characterized by many sellers and buyers, homogeneous products, and the free entry and exit of firms, leading to efficient outcome prices.

Society

A group of individuals living together in a more or less ordered community, often sharing common cultural and social norms.