Question

Economics is a
(a) positive science
(b) normative science
(c) Both
(d) None

Answer 1

Economics is a - (c)Both. Economics is both Positive Science and Normative Science as it deals with both of the options.

Where Positive Economics deal with the basic facts and the statements made in positive economics should be tested before approving or declining but Normative Economics is purely subjective in type and value based which can’t be tested.

They are entirely based on the opinion of individuals, and therefore it cannot be proved true or false.