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- Subject
- Application of Economicseconomics-mcqs › application-of-economics
- Published
- 2 Jun 2019
- Last updated
- 28 May 2026
Explanation
The economists differ in their prioritization of social issues, reflecting a clash in their underlying values rather than scientific facts. Therefore, their disagreement stems from different value judgments.
More Application of Economics MCQs
Practice related questions from the same subject.
- 1.Two economists are debating the impact of government spending on unemployment. One claims that increasing government expenditure by 50 billion dollars would reduce unemployment by one percentage point. The other argues that the same spending would only lower unemployment by 0.1%, and even then, the effect would be short-lived. What best explains their disagreement?
- 2.Which of the following topics falls under the study of microeconomics?
- 3.What are positive statements characterized by?
- 4.Which of the following statements expresses a normative viewpoint?
- 5.Which of the following factors does not cause the production possibilities curve of a country to expand outward?
- 6.Which of the following statements about microeconomics and macroeconomics is incorrect?
- 7.Which of the following statements reflects an economist adopting a scientific approach?
- 8.Which of the following best illustrates economic growth?
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