Normative economics forms based on a positive

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Economics MCQ

Normative economics forms ___________ based on _____________ A) positive statements, facts B) opinions, personal values C) positive statements, values D) opinions, facts
Microeconomics is concerned with
Macroeconomics is the study of ___________________
An economic model is a physical representation of an economy
B) FALSE Data are important in economics because __________ and __________ A) they suggest relationships for explanation, allow testing of hypotheses B) they can be used for tables, they can be graphed C) they can be used in computers, governments use them D) they provide interesting information, can be summarised
Time series data show information
Index numbers express base data in relation to some relative value
The retail price index is used to ______________

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