Ethical or value standards are important for the analysis of ______.
A) positive economics.
B) the fallacy of composition.
C) econometrics.
D) spurious correlation.
E) welfare economics.

Question

Quizplus · Accepted Answer

Ethical or value standards are particularly relevant to welfare economics, which studies how economic activities affect the well-being of individuals and societies. It aims to determine what policies would maximize social welfare, which requires taking ethical and value considerations into account. Positive economics, the fallacy of composition, econometrics, and spurious correlation are all areas of economics that deal primarily with objective, empirical analysis, while welfare economics also involves subjective and normative judgments.

Ethical or Value Standards Are Important for the Analysis of ______