Positive economic questions
A. involve value judgments.
B. address what ought to happen.
C. are potentially testable.
D. cannot be tested.
C. are potentially testable.
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Why would an economist say that the Ford Motor Company has never made a choice or a decision?
A) Economists often want to deny the facts. B) Ford doesn't make choices—only the U.S. automobile industry does. C) To remind non-economists that individuals within an organization, rather than the organization itself, make choices. D) Economists are strange creatures who only wish impress others with outrageous or ridiculous claims.
What is the counter-intuitive solution to a mixed strategy?
A) Player A makes Player B indifferent between its strategy choices. B) Player A makes itself indifferent between its strategy choices. C) Player A changes the rules of the game. D) There are no mixed strategies in most games.