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.

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 : Normative economics deals with:

Option 1: Economic data analysis

Option 2: Objective and value-free analysis

Option 3: Economic policies and ethical judgments

Option 4: Economic theories and models

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.

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 

Question : Positive economics involves:

Option 1: Assessing the impact of economic policies on societal well-being

Option 2: Conducting experiments to test economic theories

Option 3: Evaluating the ethical implications of economic decisions

Option 4: Analyzing economic data to understand cause and effect relationships