_____ is concerned with what is, and _____ is concerned with what ought to be. Economics is about _____, which measures the costs and benefits of different courses of action.

Positive Analysis; Normative analysis; Positive More test answers on https://studyhippo.com/microecon/

______ is concerned with what is, and _____ is concerned with what ought to be. Economists is about _____, which measures the costs and benefits of different courses of action.

Positive analysis Normative analysis Positive analysis More test answers on https://studyhippo.com/hw-chapter-1-54623/

Because costs and benefits are both subjective, a person’s decision will always be based on what?

His or her unique values and beliefs More test answers on https://studyhippo.com/apex-econ-7-1-making-choices/

The decision to hold inventory is critical to providing customer service through the supply chain. There are both costs and benefits. Which of these is NOT a benefit of holding inventory?

To create possession utility for producers More test answers on https://studyhippo.com/test-8-review/

The decision-making approach in which a manager considers only costs and benefits that differ for alternatives is called:

– Incremental Analysis – Differential Analysis More test answers on https://studyhippo.com/managerial-accounting-exam-3-questions-56866/

When both costs and benefits are either concentrated (III) or widespread (I)…

…representative governments tend to undertake productive projects More test answers on https://studyhippo.com/10-public-choice/

Because costs and benefits are both subjective, a calculation of the value of a decision is always based on what?

Personal opinion More test answers on https://studyhippo.com/apex-econ-7-1-making-choices/

Which method of ethical reasoning does NOT consider the consequences of actions or the costs and benefits to society?

The rights approach More test answers on https://studyhippo.com/marketing-research-quiz-1-4-questions/

Which of the following is the basis of calculations of the costs and benefits of a decision?

Personal preferences More test answers on https://studyhippo.com/econ-test-1-19/

Normative statements are concerned primarily with: a) facts and theories. b) what ought to be. c) what is. d) rational choice involving costs and benefits.

b) what ought to be. More test answers on https://studyhippo.com/econ-2301-exam-1-ch-1-2-3-24/

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