Question

Normative economic analysis involves: Group of answer choices value judgments. purely descriptive statements. testable hypotheses. true statements.

Answer 1

The normative economic analysis involves value judgments and opinions.

By normative economic analysis, what do you mean?

Normative economics is an approach to the study of economics that expresses normative or ideologically prescriptive judgments on economic development, investment initiatives, claims, and scenarios.

Normative economics is heavily concerned with value judgments and declarations of "what ought to be" rather than facts based on cause-and-effect statements, in contrast to positive economics, which is dependent on objective data analysis. It reflects ideological opinions regarding potential outcomes for economic activity in the event that public policy changes. It is impossible to verify or validate normative economic claims.

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