Question : Normative economics often involves:
Option 1: Empirical research and data analysis
Option 2: Developing economic theories and models
Option 3: Providing value judgments about economic outcomes
Option 4: Historical analysis of economic events
Correct Answer: Providing value judgments about economic outcomes
Solution : The correct answer is (c) Providing value judgments about economic outcomes.
Normative economics often involves making value judgments about economic outcomes. It is concerned with evaluating and recommending economic policies and outcomes based on subjective values and goals. Normative economics seeks to provide prescriptions or judgments on what should or ought to be done in the economic sphere, taking into account ethical, moral, or societal considerations.
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