advantages and disadvantages of positive economics

Is the opportunity cost of an action a subjective evaluation?

How is top-down budgeting different from bottom-up budgeting? Which of these methods is more widely accepted? What have been some of the attempts to reform bottom-up budgeting?

How does inherent value differ from instrumental value?

In economics, we assume that choices are based on desired outcomes. This concept is known as:

How is the Rational decision making a complex process?

The field of economics is derived from the fact that humans all make rational choices. humans are self-interested. humans respond to incentives. the world has limited resources.

Economics promotes which of the following as the way to make the best decision? Continue an enjoyable activity until you are tired of doing it. Continue an enjoyable activity up to the point where its marginal benefit equals its marginal cost. Continue an enjoyable activity as long as you do not have to pay for it. Continue an enjoyable activity until you cannot afford to pursue it.

Parents offer to buy their son a new videogame if the kid gets an A in all his classes. Which economic principle are the parents trying to apply?   Group of answer choices People respond to incentives Trade can make everyone better off The real cost of something is what you give up to get it People face trade-offs