In conducting positive economic analysis,economists apply
A) subjective value judgments.
B) the principle of individual sovereignty.
C) moral values.
D) the scientific method.

Question

Quizplus · Accepted Answer

Positive economic analysis is based on the scientific method, which involves formulating hypotheses, testing them through empirical data, and drawing conclusions based on evidence rather than subjective value judgments or moral values. The principle of individual sovereignty, while important in understanding economic behavior, applies more to normative, rather than positive, economic analysis.

In Conducting Positive Economic Analysis,economists Apply