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

In conducting positive economic analysis, economists apply the scientific method, which involves collecting empirical data, formulating hypotheses, testing them, and revising them if necessary. Positive economics aims to describe and explain economic phenomena without making normative judgments or prescribing what ought to be done in a given situation. Therefore, subjective value judgments, moral values, and the principle of individual sovereignty are not part of positive economic analysis.

In Conducting Positive Economic Analysis,economists Apply