Question : Normative economics deals with:
Option 1: Economic data analysis
Option 2: Objective and value-free analysis
Option 3: Economic policies and ethical judgments
Option 4: Economic theories and models

Question

Question : Statement 1: Positive economics deals with objective analysis and focuses on explaining economic phenomena as they are.

Statement 2: Normative economics involves subjective judgments and aims to prescribe what economic policies should be implemented.

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Answer 1

Correct Answer: Economic policies and ethical judgments

Solution : The correct answer is (c) Economic policies and ethical judgments.

Normative economics deals with the formulation and evaluation of economic policies, as well as making ethical judgments about economic outcomes. It involves analyzing economic issues from a normative or prescriptive perspective, considering subjective values and goals. Normative economics aims to provide recommendations or judgments on what should or ought to be done in the economic sphere.

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Question : Normative economics deals with:Option 1: Economic data analysisOption 2: Objective and value-free analysisOption 3: Economic policies and ethical judgmentsOption 4: Economic theories and models

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Question : Statement 1: Positive economics deals with objective analysis and focuses on explaining economic phenomena as they are. Statement 2: Normative economics involves subjective judgments and aims to prescribe what economic policies should be implemented.

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Question : Normative economics deals with:
Option 1: Economic data analysis
Option 2: Objective and value-free analysis
Option 3: Economic policies and ethical judgments
Option 4: Economic theories and models

Question : Statement 1: Positive economics deals with objective analysis and focuses on explaining economic phenomena as they are.

Statement 2: Normative economics involves subjective judgments and aims to prescribe what economic policies should be implemented.

Question : Statement 1: Positive economics aims to determine how changes in the price of a good affect its quantity demanded.

Statement 2: Normative economics focuses on analyzing the impact of government policies on consumer behavior.