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 : One of the following is "Labour" in economics.
Option 1: A musician performing for a benefit fund
Option 2: A painter working for his pleasure
Option 3: Reading a book as a hobby
Option 4: A mother teaching her son
Question : In terms of economics, if it is possible to make someone better off without making someone worse off, then the situation is
Option 1: inefficient
Option 2: efficient
Option 3: optimal
Option 4: pareto-superior
Question : Direction: Study the bar diagram and answer the following question. The bar diagram shows the number of bicycles parked in the parking space of a hall at various points in time. The charge for parking is INR 1 per hour. What will be the total collection from 9 am to 7 pm?
Option 1: INR 625
Option 2: INR 635
Option 3: INR 685
Option 4: INR 695
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