Question : "Economics is what it ought to be" - This statement refers to
Option 1: Normative economics
Option 2: Positive economics
Option 3: Monetary economics
Option 4: Fiscal economics
Correct Answer: Normative economics
Solution : The correct answer is Normative economics
Normative economics focuses on "what ought to be." It is built on perception. It makes no mention of facts and data. Usually, it communicates a value judgment. These statements express a viewpoint or a value assessment of what is or is not desirable. They have a prescriptive nature, are arbitrary, and frequently raise moral or ethical dilemmas. They are unfounded and devoid of supporting data. The words "ought" and "should" are frequently used in statements of this nature.
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