Illustrate the term Positive and Normative Economics
Illustrate the term Positive and Normative Economics?
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1. Positive economics describes the economy as it actually is, avoiding value judgments and attempting to establish scientific statements about economic behavior.
2. Normative economics involves value judgments about what the economy should be like and the desirability of the policy options available.
3. Most disagreements among economists involve normative, value-based questions.
Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Q : Introduction of the term net present Give a brief introduction of the term net present value? Write down its admittable rules, their merits and demerits?
Give a brief introduction of the term net present value? Write down its admittable rules, their merits and demerits?
To be productively efficient, a country should: (w) maximize the satisfaction attainable from its budget. (x) be concerned only with macroeconomic analysis. (y) concentrate on removing scarcity. (z) maximize the value of output produced through specif
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