A Normative Statement Is One That

question 107

Multiple Choice

A normative statement is one that

• A) is based on the law of averages.
• B) applies only to microeconomics.
• C) applies only to macroeconomics.
• D) is based on value judgments.

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Definitions:

Colonized

Refers to the process or state of being under the control or influence of a foreign power, often implying exploitation and cultural imposition.

Globalized

Referring to the process by which businesses, technologies, or cultural attributes spread worldwide, leading to increased interconnectedness and interdependence among nations.

Command Economy

An economy in which the state, rather than market forces, manages the production and distribution of goods.

Production

The process of creating goods or services using inputs like raw materials, labor, and technology, often resulting in the generation of value.