When Economists Are Trying to Help Improve the World,they Are

question 39

Multiple Choice

When economists are trying to help improve the world,they are

• A)in the realm of positive economics rather than normative economics.
• B)in the realm of macroeconomics rather than microeconomics.
• C)scientists.
• D)policy advisers.

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Definitions:

Expected Value

A statistical measure that calculates the average outcome when the future includes scenarios that may or may not happen.

Payoffs

The outcomes or returns from a particular action, investment, or decision, often used in game theory and economics.

Invest

To distribute funds or resources in anticipation of earning profits or income.

Probability

The quantification of an event's probability as a numerical value ranging from 0 to 1, indicating how likely it is to happen.