"Economics is concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity." This statement is
A)positive but incorrect.
B)positive and correct.
C)normative but incorrect.
D)normative and correct.

Question

Quizplus · Accepted Answer

The statement is positive and correct because it describes economics as a study of how choices are made under scarcity, which is a factual description of what economics examines, without making a judgment on what should be.

"Economics Is Concerned with How Individuals, Institutions, and Society Make