The correct answer is Option 2: Only 2
- Positive economics is verifiable in nature. It is correct. Positive economics deals with such economic situations which can be studied by using facts and figures, thus verifiable in nature.
- Normative economics involves facts and figures. It is incorrect. Normative economics involves value judgments and opinions, rather than being solely based on facts and figures.
- Normative economics involves value judgement. It is correct. Normative economics deals with opinions of the economists and their value judgements. It relates to "what ought to be".
- Statement of positive economics relate to “what was”, “what is” and “what would be”. It is correct. Positive economics involves issues related to past, present and future. It relates to "what is", "what was" and "what would be".
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