A Statement Describing How the World Should Be

question 26

Multiple Choice

A statement describing how the world should be

• A)is a normative statement.
• B)is a positive statement.
• C)would only be made by an economist speaking as a scientist.
• D)would only be made by an economist employed by the government.

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Definitions:

Mud Statues

Sculptures or figures crafted from mud, often associated with certain cultural traditions or artistic practices.

Variable Cost

Outlays that adjust in accordance with the volume of production or output, like materials and labor costs.

Loan

A sum of money that is borrowed and expected to be paid back with interest.

Economies of Scale

Refers to the cost advantage that arises with increased output of a product, leading to a reduction in the per-unit cost.