Positive economics

a. postulates relationships among economic variables that are potentially refutable by real-world events.
b. is strictly quantitative and is, therefore, of little value to policy makers.
c. will usually indicate which economic policy is best.
d. is the same as normative economics.

A

Economics

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The textbook defines any business with less than __________ in assets to be "small."

A) $100,000,000 B) $10,000,000 C) $1,000,000 D) $500,000

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Figure 4-21


A surplus will tend to occur at which price in Figure 4-21?

a.
P1

b.
P2

c.
P3

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Economics