A normative economic statement
a. is a hypothesis used to test economic theory
b. is a statement of fact
c. is a statement of what ought to be, not what is
d. indicates what will occur if certain assumptions are true
e. enables economists to test hypotheses
C
You might also like to view...
Governments,
A) like individuals, face opportunity costs. B) unlike individuals, do not face opportunity costs. C) only if they are relatively poor, face opportunity costs. D) only if they are running budget deficits, face opportunity costs.
Which one of the following statements is true?
a. Money flows from households to firms for resources. b. Money flows from households to foreign economies for exports. c. Money flows from government to firms for resources. d. Money flows from foreign economies to firms for imports. e. Money flows from firms to households for resources.