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Question : Normative economics is often based on:

Option 1: Objective analysis and empirical evidence

Option 2: Subjective opinions and personal values

Option 3: Economic theories and models

Option 4: Historical trends and patterns


Team Careers360 12th Jan, 2024
Answer (1)
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Team Careers360 19th Jan, 2024

Correct Answer: Subjective opinions and personal values


Solution : The correct answer is (b) Subjective opinions and personal values.

Normative economics is often based on subjective opinions and personal values. It involves making value judgments, providing recommendations, and evaluating economic policies based on subjective values and goals. Normative economics aims to prescribe what should or ought to be done in the economic sphere, taking into account moral, ethical, or societal considerations.

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