Which of the following is true?
I.A rational choice is made on the margin.
II.Microeconomics is the study of the national economy while macroeconomics is the study of the global economy.
III.Economists try to understand how the economic world works by testing normative statements.
A) Only I
B) I and III
C) Only II
D) Only III
E) I and II

Question

Quizplus · Accepted Answer

A rational choice is made on the margin, considering the additional benefits and costs of a decision. Microeconomics studies individual and business decisions, while macroeconomics focuses on national and global economies. Economists test positive, not normative, statements.

Which of the Following Is True