“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
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 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?
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