Economics · Introduction to Economics
Analyze the following statements regarding the methodology and scope of economics: 1. A Positive Statement is one that describes 'what is' and can be tested, confirmed, or refuted by reference to facts and empirical evidence. 2. A Normative Statement involves value judgments about 'what ought to be' and expresses an opinion or a goal. 3. Microeconomics uses a 'top-down' approach focusing on aggregate variables like GDP, while Macroeconomics uses a 'bottom-up' approach focusing on individual units. Which of the above statements are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 2 and 3
- 22 and 3 only
- 31 and 2 only✓
- 41 and 3 only
Correct answer
1 and 2 only
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