Match List I with List II
List I: Economic issue List II: Refers to A. Scarcity I. Based on facts B. Normative statement II. Central problem of an economy C. Positive statement III. Problem of choice D. What to produce IV. Based on value judgment
Choose the correct answer from the options given below:
Match List I with List II
| List I: Economic issue | List II: Refers to |
|---|---|
| A. Scarcity | I. Based on facts |
| B. Normative statement | II. Central problem of an economy |
| C. Positive statement | III. Problem of choice |
| D. What to produce | IV. Based on value judgment |
Choose the correct answer from the options given below:
Solution
✅ Correct Option: 2
Scarcity gives rise to the problem of choice (III). Normative statements are based on value judgments (IV). Positive statements are based on facts (I). What to produce is a central problem of an economy (II). Hence A-III, B-IV, C-I, D-II.
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