Normative Economics Involves

question 45

Multiple Choice

Normative economics involves

• A) a statement of fact.
• B) a statement of "what should be."
• C) a statement of "what is."
• D) a statement that is purely descriptive.

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Definitions:

Foreign Policy

A government's strategy in dealing with other nations, encompassing its diplomatic, economic, and military actions and goals.

Congress

The national legislative body of the United States, composed of the House of Representatives and the Senate.

Executive Agreements

Legally binding agreements between the president of the United States and foreign nations, not requiring Senate approval.

Treaty Power

This refers to the power of a country, often exercised by its executive branch, to negotiate, sign, and ratify treaties with other countries, subject to legislative approval in some cases.