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
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.
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 : Positive economics involves:
Question : "Economics is what it ought to be" - This statement refers to
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.
Question : The analysis of the interrelationship between the economy and the environment in the economic environmental accounting system was forwarded by_____.
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