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Which of the following is a correct example of a statement containing both positive and normative economics?
Government should stop Minimum Support Price to the farmers.
India should spend more money on defence
Indian economy is a developing economy, the Government should make it developed through correct planning.
Increase in real per capita income increases the standard of living of people
Option (3) is correct.
Explanation: In the third statement, the first part of the statement is positive giving facts, and the second part is normative based on value judgements.
By: Parvesh Mehta ProfileResourcesReport error
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