Multiple Choice
Suppose a government increases the minimum wage. Which is the most reasonable prediction from a positive analysis perspective?
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0. Basic Principles of Economics
Positive and Normative Analysis
Multiple Choice
Which term best describes the rules of conduct enacted and enforced by governments?
A
Ethics
B
Norms
C
Laws
D
Customs
Verified step by step guidance1
Understand the definitions of each term: Ethics refers to moral principles guiding individual behavior; Norms are informal social rules or expectations within a group; Customs are traditional practices followed by a community; Laws are formal rules enacted and enforced by governments.
Identify the key phrase in the question: 'rules of conduct enacted and enforced by governments' emphasizes formal authority and enforcement.
Match the key phrase with the definitions: Since laws are created and enforced by governments, this aligns directly with the description.
Recognize that ethics, norms, and customs are generally informal and not legally enforced by governments, distinguishing them from laws.
Conclude that the term 'Laws' best fits the description of formal rules of conduct enacted and enforced by governments.
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