A good economic theory, or model, weeds out the irrelevant facts from the relevant ones.
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Q23: A positive statement is prescriptive-it prescribes what
Q24: Normative analysis focuses on statements that can
Q25: Which of the following forces us to
Q26: Scarcity exists for those with
A)lower incomes.
B)average incomes.
C)higher
Q27: Most disagreements among economists stem from normative
Q29: When two variables repeatedly change at the
Q30: Scarcity is the result of:
A)government decision making.
B)inappropriate
Q31: The fallacy of composition states that even
Q32: A hypothesis is a normative statement.
Q33: To be a positive economic statement, an
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