The Difference Between a Positive Economic Statement and a Normative

question 133

Multiple Choice

The difference between a positive economic statement and a normative statement is that

• A)a positive statement must be true; a normative statement is often not true
• B)a normative statement must be true; a positive statement is often not true
• C)a positive statement can be verified; a normative statement cannot
• D)a normative statements can be verified; a positive statement cannot
• E)a positive economic statement is a moral judgment; a normative economic statement is not a moral judgment

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Definitions:

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that provides a uniform framework for international commerce.

Express Contract

A contract in which the terms and conditions are clearly stated and agreed upon by all parties, either verbally or in writing.

Finders Fee

A commission paid to an intermediary or the facilitator of a transaction.

Essential Terms

Fundamental conditions and stipulations in a contract that are crucial for its validity and enforcement.