How Do Economists View Normative Statements

question 151

Multiple Choice

How do economists view normative statements?

• A) descriptive, making a claim about how the world is
• B) as false statements about the normal condition of the world
• C) prescriptive, making a claim about how the world ought to be
• D) as statements that establish production goals for the economy

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Definitions:

Mere Exposure Effect

A psychological phenomenon where people tend to develop a preference for things merely because they are familiar with them.

Novel Stimuli

Unfamiliar or new stimuli that an individual has not encountered before, which can elicit reactions or responses that are different from those to familiar stimuli.

Welcome Week Dance

A social event typically organized at the beginning of the academic year by educational institutions to welcome new students.

Similarity

The state of being alike or having attributes in common with something or someone else.