Identify the following as Positive and Normative Economics
a. Corruption should be controlled
b. Prices in Indian economy are constantly rising.
c. Underage driving is a menace in urban areas.
d. India must target faster growth rate.
e. One dollar can be exchanged for Rs. 30
f. Rich person should be taxed more.
Answers
Question → Identify positive and normative economics .
1. Corruption should be controlled
→ Normative economics.
2. Prices in Indian economy are constantly rising .
→ Positive economics.
3. Underage driving is a menace in urban area.
→ Normative economics.
4. India must target faster growth rate .
→ Normative economics.
5. One dollar can be exchanged by rupees 30 .
→ Positive economics.
6. Rich person should be taxed more.
→ Normative economics.
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Positive economics :-
It deals with economic issues related to past present or future it also deals with such economic situation which can be studied by using facts and figures .
Normative economics :-
It is the economics of what ought to be it deals with opinions of the economics related to economic issue or economic problem.