The absence of value judgments is the essence of
A) normative economics.
B) positive economics.
C) microeconomics.
D) macroeconomics.

Question

Quizplus · Accepted Answer

Positive economics is the study of what is, rather than what ought to be. It is based on empirical evidence and does not involve value judgments. Normative economics, on the other hand, is concerned with what ought to be and involves subjective value judgments. Microeconomics and macroeconomics are subfields of economics that deal with the behavior of individuals and firms in specific markets and the economy as a whole, respectively, but do not inherently involve value judgments.

The Absence of Value Judgments Is the Essence of