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Questions and Answers
What is the primary focus of applied economics?
What is the primary focus of applied economics?
- Applying economic principles to real-world situations (correct)
- Analyzing historical economic data
- Studying the behavior of individual consumers
- Developing new economic theories
Which of the following is a key characteristic of positive economics?
Which of the following is a key characteristic of positive economics?
- It makes value judgments about economic policies
- It relies on objective analysis of data (correct)
- It prescribes what economic policies should be implemented
- It focuses on the normative aspects of economics
Which of the following is an example of a positive economic statement?
Which of the following is an example of a positive economic statement?
- The government should raise the minimum wage to improve living standards
- Parents tend to enroll their children in private schools more when they get a raise or promotion (correct)
- Parents should enroll their children in private schools to ensure a better education
- Inflation is a harmful economic phenomenon that should be avoided
Which of the following statements best describes the difference between positive and normative economics?
Which of the following statements best describes the difference between positive and normative economics?
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What is the primary purpose of the scientific method in economics?
What is the primary purpose of the scientific method in economics?
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What is the key distinction between positive and normative economics?
What is the key distinction between positive and normative economics?
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Why are normative economic statements difficult to test?
Why are normative economic statements difficult to test?
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What does Gross National Product (GNP) measure?
What does Gross National Product (GNP) measure?
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Which of the following is an example of a normative economic statement?
Which of the following is an example of a normative economic statement?
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How does Gross National Product (GNP) differ from Gross Domestic Product (GDP)?
How does Gross National Product (GNP) differ from Gross Domestic Product (GDP)?
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