TRUE or FALSE. Directions: Write MANAGERIAL if the statement is correct and write ECONOMICS if the statement is incorrect. Write your answer on your answer sheet. 1. Normative Managerialism is composed of the practical approach to demand analysis, forecasting, cost management. product design and promotion, and recruitment. 2. Managerial economics applies sociological theory and methods to business and administrative decision-making 3. As an art and science, managerial economics requires a lot of logical thinking and creative skills for decision making or problem-solving. 4. As pragmatic. managerial economics makes use of the most modern tools of mathematics. statistics, and operation research. 5. Managerial is about the "people" while Economics is about the "resources"