The aspect of economics that looks at the desirability of some sections of the economy and underlies expressions of support for some economic policies is called Normative Economics.
<h3>What is the focus of Normative Economics?</h3>
Normative economics focuses on how economic policies impact the people. That is the outcome of economic goals and public policy and what those policies ought to be.
In other words, it is very subjective in nature and focuses on what should be rather than what is.
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Answer:
Credit sales
Debit receivables
Explanation:
This is a sales on account transaction which affect the sales and receivables account.
When this transaction occurs , the company has definitely made a sale which will lead to an inflow of cash in 30 days time, even though the income is recognized immediately according to the accrual method of accounting
To record this , the sales account is credited with the value of the goods sold and the account receivable is debited for with the same amount.
The receivable is a record of payment being owed to the company by its customers.
Answer:
d. Claims exchange transaction
Explanation:
Claims exchange transaction -
It refers to any discrepancy in the claims , is referred to as claims exchange transaction .
In this case the claim of one reduces and others increases and hence the total claim remains constant .
Hence , from the given scenario of the question ,
The correct option is d. Claims exchange transaction .
Mainly for trade D was their purpose.
Answer:
B. Each firm earns zero economic profit.
Explanation:
In a monopolistic competitive market, there is free entry and exit in the market, if there is a profit more firms will come in and that will reduce the price to zero. the answer is, there will be zero economic profit in the market.