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Focuses on cause and effect relationships describes

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9._____________ focuses on cause-and-effect relationships; _________ describes what should be.a.Normative economics; positive economicsb.Pareto efficiency; positive and normative economicsc.Rationality; Pareto efficiencyd.Positive economics; normative economicse.Rationality; normative economicsPriceP2ADBP1QuantityC
10.Melly is a teacher. She has $300 to spend and wants to buy either a tripod for her camera or a newwhiteboard. Both the whiteboard and tripod cost $300, so she can only buy one. This illustrates theprinciple that
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11.The MOST obvious benefit of specialization and trade is that they allow us to
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12.An example of normative analysis is studying
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13.A unit elastic supply curve isa.verticalb.horizontalc.relatively steep but not verticald.relatively flat but not horizontale.a straight line through the origin
14.Suppose Chloe is a stenographer. Her company is laying her off since they are using computerstenographers. This is called
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15.Clean air is an example of
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3Economics Level Test 1
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