Question

Study of unemployment problem and then framing suitable policies to reduce the extent of unemployment shows that economics is _________.
(i) Both a science and an art
(ii) Neither a science nor an art
(iii) Positive science
(iv) Normative science

• A. i and iii only
• B. ii and iv only
• C. i, iii and iv
• D. ii, iii and iv

Answer 1

The correct option is C i, iii and iv

Study of unemployment problem and then framing suitable policies to reduce the extent of unemployment shows that economics is a science, art and positive and normative in nature.

Study of unemployment is based on study of facts and data, this makes it a positive science. Framing suitable policies for the same is art as it is the practical application of knowledge and it is also a normative science as it suggests measure to make the situation desirable.