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Eco. 101 Online Quiz/Discussion (Understanding Normative&Positive Economics and Ceteris Paribus)

Tony Orji by Tony Orji
January 21, 2023
in Assignment And Quiz
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Eco. 101 Online Quiz/Discussion (Understanding Normative&Positive Economics and Ceteris Paribus)

1. It has been argued by many scholars and Economists that positive economics describes and explains various economic phenomena. Normative economics focuses on the value of economic fairness, or what the economy “should be” or “ought to be.” While positive economics is based on fact and cannot be approved or disapproved, normative economics is based on value judgments. In view of these assertions, clearly discuss and analyse the differences between between normative economics and positive economics.

2. Ceteris paribus is a Latin phrase that generally means “all other things being equal.” In economics, it acts as a shorthand indication of the effect one economic variable has on another, provided all other variables remain the same. Against this backdrop, lucidly discuss and analyse the concept of Ceteris Paribus in Economics with practical examples.

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About Dr. Anthony Orji

Dr Anthony Orji

Senior Lecturer, Economics, UNN

Dr Anthony Orji is a Ph.D holder in Economics and a lecturer at the Department of Economics, University of Nigeria Nsukka.

He obtained his B.Sc, Msc and Ph.D Degrees from the University of Nigeria, Nsukka and a Post Graduate Diploma in Sustainable Local Economic Development (SLED) from Erasmus University, Rotterdam Netherlands.

Dr Anthony Orji

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