Normative economics is based on ___________.

ethical considerations

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facts and generalisation

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cause and effect relationship

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all of the above

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Solution

The correct option is A ethical considerations
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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Define normative economics, with a suitable example.

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