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The study of economic theory for the sake of certain objective is called:

A. Positive Economics

B. Normative Economics

C. Micro Economics

D. Development Economics

Correct Answer : B.


Normative Economics? Normative economics is that part of economics that expresses value judgments (normative judgements) about economic fairness or what the economy ought to be like or what goals of public policy ought to be. It is common to distinguish normative economics (what ought to be in economic matters) from positive economics (what is).

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  1. Which of the following curves is a rectangular hyperbola?
  2. The MC curve cuts the AVC and ATC curves:
  3. Production function relates:
  4. All of the following curves are U-Shaped except:
  5. Marginal Utility (MU) curve is always:
  6. The isoquant approach is based upon:
  7. The main contribution of David Ricardo is in the field of:
  8. In perfectly competitive markets, the profit maximization rule can be represented by:
  9. In case of monopoly, when total revenue is maximum:
  10. Identify the author of The Affluent Society?
  11. Inputs or Factors of production are defined as:
  12. Karl Marx:
  13. The demand curve of ostentation goods (Veblen goods) will be:
  14. In modern cost theory, AVC= b1 and MC= b1 in the range of:
  15. According to current thinking, the law of diminishing returns applies to:
  16. The cross-price elasticity of the demand for orange juice with respect to the price of apple juice is…
  17. Airlines that try to lower fares in order to increase revenues believe that demand for airline services…
  18. The fixed cost of a firm:
  19. In economist the term invisible hand is refers to:
  20. Liquidity of Preference Theory was introduced by:
  21. A demand schedule is shown as:
  22. Which of the following statement is wrong?
  23. In case of short-run, the supply curve of an industry is the horizontal summation of:
  24. The equilibrium conditions, MC = MR = AR = AC, will happen:
  25. The substitution effect works to encourage a consumer to purchase more of a product when the price of…
  26. The law of demand is most directly a result of:
  27. We can find total utility by:
  28. Marshalls definition of economics was strongly criticised by:
  29. If a commodity sold under monopoly is got free of cost, then MC will be:
  30. The elasticity of substitution measures the percentage change in the ratio of inputs when any producer…