MICRO L2 - Thinking Like an Economist Flashcards
1
Q
A theory is good if:
A
- it can explain the evidence
- it makes clear predictions
2
Q
what are positive statements
A
- they describe cause and effects
- how the world is
3
Q
what are normative statements
A
- they embody value judgements
- how the world ought to be
4
Q
A
