Econometrics is the statistical analysis of economic data.

A tax on a previously untaxed monopoly-produced good will necessarily lower total welfare if

A) the demand curve is relatively inelastic. B) the demand curve is relatively elastic. C) less than the socially optimum is produced before the tax. D) more than the socially optimum is produced before the tax.

Economists become scientists when they deal with ______.

a. contestable analysis b. normative analysis c. positive analysis d. subjective analysis