chapter2testbank.docVIP

Chapter 2 Test Bank Multiple Choice Questions 1. Philosophers draw a distinction between positive statements, which describe the world as it is, and ___________________s, which describe how the world should be. A. normative statement B. budget constraint C. trade-off D. opportunity cost Answer: A Reference: Explanation: Type: Multiple Choice Difficulty: Medium Category: Remember 2. Attending college is a case where the ________________ exceeds the monetary cost. A. budget constraint B. marginal analysis C. opportunity cost D. marginal utility Answer: C