Which of the following statements about positive economic analysis is false?
A) There is much more disagreement among economists over normative economic analysis than over positive economic analysis.
B) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions.
C) Unlike normative economic analysis, positive economic analysis can be tested.
D) There is much more disagreement among economists over positive economic analysis than over normative economic analysis.
D
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Agnes can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour. There can be gains from exchange
A) if Agnes specializes in the production of X and Brenda specializes in the production of Y. B) if Agnes specializes in the production of Y and Brenda specializes in the production of X. C) only if Agnes becomes faster at producing X. D) only if Brenda becomes faster at producing X or Y.
All of the following characteristics apply to monopolistic competition EXCEPT
A) a large number of firms compete. B) each firm produces the same identical product. C) firms compete on product quality, price, and marketing. D) there are no barriers to enter or exit the industry.