Other questions in this quiz

2. A positive statement is always true

  • False
  • True

3. A Normative statment.....

  • expresses a judgement about what ought to be
  • always disagrees with positive statement
  • is a normal statement
  • is anything said by Blair

4. Which is not a factor of production

  • Capital
  • Enterprise
  • Labour
  • Costs
  • Land

5. Opportunity cost

  • is the next best alternative you could have had
  • is the price in monetary terms you pay for a decision
  • is the cost in monetary terms of your time that you use in an economic process
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