Microeconomics: Principles, Applications, and Tools (8th Edition)

Published by Prentice Hall
ISBN 10: 0-13294-886-9
ISBN 13: 978-0-13294-886-9

Chapter 1 - Introduction: What Is Economics? - Exercises - 1.1 What is Economics? - Page 13: 1.3

Answer

Statement a is true.

Work Step by Step

In statement b the definitions of positive and normative are reversed. Statement c is incorrect. Modern economics is based on positive analysis, which is supported by facts, rather than on normative analysis which is opinion based.
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