Question : "Economics is what it ought to be" - This statement refers to
Option 1: Normative economics
Option 2: Positive economics
Option 3: Monetary economics
Option 4: Fiscal economics
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Correct Answer: Normative economics
Solution : The correct answer is Normative economics
Normative economics focuses on "what ought to be." It is built on perception. It makes no mention of facts and data. Usually, it communicates a value judgment. These statements express a viewpoint or a value assessment of what is or is not desirable. They have a prescriptive nature, are arbitrary, and frequently raise moral or ethical dilemmas. They are unfounded and devoid of supporting data. The words "ought" and "should" are frequently used in statements of this nature.
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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.
Option 1: Statement 1 is true, and statement 2 is false.
Option 2: Statement 1 is false, and statement 2 is true.
Option 3: Both statements 1 and 2 are true.
Option 4: Both statements 1 and 2 are false.
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 : Price theory is also known as
Option 1: Macro Economics
Option 2: Development Economics
Option 3: Public Economics
Option 4: Micro Economics
Question : What smallest positive number should be subtracted from 2 and 3 so that 4 is the third proportion to them?
Option 1: 1
Option 2: 2
Option 3: 4
Option 4: 3
Question : Statement 1: The term entrepreneur was introduced by French economist Richard Cantillon Statement 2: The term entrepreneur was first introduced in economics by the early 19th century.
Option 1: Both are true
Option 2: Both are false
Option 3: Statement 1 is true and statement 2 is false.
Option 4: Statement 1 is false and statement 2 is true.
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