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Match List I with List II

List I: Economic issueList II: Refers to
A. ScarcityI. Based on facts
B. Normative statementII. Central problem of an economy
C. Positive statementIII. Problem of choice
D. What to produceIV. 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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