McqMate
| Q. |
"Economics is what it ought to be" - This statement refers to - |
| A. | Normative economics |
| B. | Positive economics |
| C. | Monetary economics |
| D. | Fiscal economics |
| Answer» A. Normative economics | |
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Explanation: Normative economics (as opposed to positive economics) is that part of economics that expresses value judgments (normative judgments) about economic fairness or what the economy ought to be like or what goals of public policy ought to be. It is the study or presentation of "what ought to be" rather than what actually is. Normative economics deals heavily in value judgments and theoretical scenarios. An example of a normative economic statement would be, "We should cut taxes in half to increase disposable income levels". |
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