Normative economics often takes a consequentialist philosophical approach to determine whether a policy is good. ?
Answer the following statement true (T) or false (F)
True
Rationale: Normative economics focuses on the consequences of a policy to determine whether the policy is "good." In other words, it focuses on outcomes, not processes.
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The fact that the United States exports Budweiser beer and imports Heineken beer can be explained by:
a. the differences in labor productivity in the U.S. and other countries. b. the differences in factor endowments in the U.S. and its trading partners. c. the fact that the world price of Budweiser beer is lower than Heineken beer. d. the fact that production of Budweiser beer in the U.S. is inadequate compared to its demand. e. the preference for foreign brands of beer by a part of the U.S. population.
Although the law of diminishing returns is widely accepted in economics, it also ensures that the marginal revenue product must be positive
Indicate whether the statement is true or false