Positive and Normative Economics

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What Is the Importance of Circular Flow of Income?

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What Is the Impact of Liberalisation Privatisation and Globalisation on Business?

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Limitations of Managerial Economics

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What does IC stand for in Economics?

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What Is Macroeconomics in Simple Words?

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Human welfare is the subject of Economics. This statement is associated with which of the following economists?

1. Marshall

2. Pigou

3. Penson

4. All of these

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What Is the Difference Between Positive and Normative Economics?

Q. Define economics as a normative science.

Q. As a normative science Economics involves_____.

1. statement on facts and figures
2. value measurement
3. statement inferred from empirical studies
4. value judgment

Q. Which of the following can be regarded as the laws of economics?

1. There is a direct proportionate change in the price level with a change in the supply of money.
2. Prices are determined by total demand and total supply in the market
3. After a point the marginal increase in output shows a falling tendency with every increase in one or more of the factors of production.
4. All of the above

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Higher Dividends per Share Is Associated With

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What are the objectives of the budget?

Q. State whether the following statements are true or false.

1. Economic reforms were introduced when Dr. Manmohan Singh was the finance minister.

2. Laissez- faire policy advocates minimum state intervention in a market economy.

3. The share of the manufacturing sector in GDP has decreased recently.

Q. What would the most accurate definition of development in terms of economics??

Q. Normative economics is _________ in nature.

1. none of the above
2. prescriptive
3. modern
4. descriptive

Q. In economics as a science, cause and effect between related factors ____________.

1. cannot be expressed
2. cannot be identified
3. can be identified but not always quantified
4. there is no cause-effect relationship at all in economics