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Question
State one example of positive economics.
Solution
Example of Positive Economics which is based on facts and purely objective: Lower income taxes result in lower unemployment.
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Positive and Normative Economics
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What do you understand by normative economic analysis?
Identify and discuss the nature of the following newspaper reports in terms of positive or normative economic analysis:
(i) "India jumped 23 points in the World Bank's ease of doing business index to 77th place, highest in 2 years." – The Economic Times
(ii) "Government should further liberalise the business rules." – The Economic Times
Distinguish between positive economics and normative economics, with suitable examples.
