A normative statement is generally based upon:
A. scientific fact.
B. a factual claim.
C. subjective beliefs.
D. data that can be tested.
Answer: C
Economics
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Suppose that the basket of goods purchased by the typical consumer costs $188.80 this year and it cost $160 in the base year. The CPI in the base year would be
A) 85.11. B) 100.0. C) 118.0. D) 348.8.
Economics
Refer to Scenario 1-4. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 500 cigars?
A) sales revenue B) gross earnings C) gross profit D) marginal revenue
Economics