Question

13. Normative economics deals with:
(A) What was
(C) What ought to be
(B) what is
(D) what would be

Answer 1

The beliefs of individuals expressed in the form of value judgments based on moral and ethical considerations are termed as normative statements. These statements that describe what ought to be on the basis of ethical considerations are the subject matter of normative economics.

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Answer 2

Normative economics focuses on the value of economic fairness, or what the economy "should be" or "ought to be." While positive economics is based on fact and cannot be approved or disapproved, normative economics is based on value judgments.

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