“Economics is what Economists do” was stated by

The fundamental economic problem being faced is one of

The meaning of the word ‘economic’ is most closely connected with the word

Economics may be divided into macro-economics and micro-economics. Among the subject matter of microeconomics may be found

In a free-enterprise economy, the problems of what, how and for whom are solved by

The important characteristics of a mixed economic system are

A theory is

The statement that “economics is positive and not normative” means

A hypothesis is tested by

The essence of the deductive method which is often employed in economic investigation is

The function refers to

The main difference between positive economics and normative economics is that the former

Micro-economics deals primarily with

Micro-economic theory studies how an economy determines

Assume that the leading firms in an industry combine to carry out a common policy in their interests, but that they keep their own, separate identities. Such a combination is usually known as a

Which aspect of taxation involves normative economics?

A market

The market equilibrium for a commodity is determined by

Micro-economic theory studies how a free-enterprise economy determines

The basic characteristic of a capitalistic economy is

Call Now Button