Question : Positive economics is concerned with:
Option 1: Making value judgments about economic policies
Option 2: Analyzing economic data and facts
Option 3: Prescribing how the economy should function
Option 4: Assessing the ethical implications of economic decisions
Correct Answer: Analyzing economic data and facts
Solution : The correct answer is (b) Analyzing economic data and facts.
Positive economics is a branch of economics that focuses on analyzing and explaining economic phenomena based on observable data and facts. It aims to provide objective analysis and understanding of how the economy functions and how various economic variables interact with each other. Positive economics is concerned with describing and predicting economic behavior, rather than making value judgments, prescribing economic policies, or assessing ethical implications.
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