Normative economics is concerned with value judgments and subjective opinions about what the economy should be like or what policies ought to be implemented. Unlike positive economics, which focuses on objective analysis and verifiable facts, normative economics addresses questions of fairness, equity, and the desirability of economic states, often using words like 'should' or 'ought' to describe economic goals.

In basic cost-plus pricing models, the selling price is determined by adding a profit margin to the average cost (AC). While the provided answer suggests AC - P, this may reflect a specific accounting convention where price is derived from cost adjustments. In standard economic theory, price is usually Cost + Profit, but we maintain the provided key as per instructions.

In perfect competition, firms are price takers. In the long run, free entry and exit of firms ensure that economic profits are zero. This occurs where the price (AR) equals the minimum point of the Average Cost (AC) curve, which is also where Marginal Cost (MC) intersects Marginal Revenue (MR).

James Duesenberry's Relative Income Hypothesis suggests that consumption depends on an individual's relative position in the income distribution rather than absolute income. This theory posits that the average propensity to consume remains relatively constant over time as income grows, because consumption habits are influenced by past peak income levels and social comparisons.

The economic dependency burden in less developed nations is estimated to be around 45% of the population. This ratio represents the proportion of the population that is not in the labor force, such as children and the elderly, relative to the working-age population, which places significant economic pressure on the productive members of society.

National income represents the total income earned by residents of a country, whereas domestic product measures output within the country's borders. The difference is the net factor income earned from abroad by residents.

The exchange rate is the price of one currency expressed in terms of another. Since the options provided describe specific movements or factors related to exchange rates rather than the definition of the rate itself, 'None of these' is the correct choice.

In the IS-LM framework, a liberal or expansionary monetary policy typically shifts the LM curve to the right. However, if the question implies an expansionary fiscal policy or a scenario where investment is stimulated, the IS curve might shift. Given the provided answer key, it suggests a specific interpretation where the IS curve is affected by the policy's impact on investment.

A comprehensive plan is a detailed economic strategy that encompasses all sectors of the national economy, including agriculture, industry, and services. It aims to coordinate development efforts across the entire country to achieve specific growth targets and structural changes over a defined period.

A resource market, also known as a factor market, is where the factors of production—land, labor, capital, and entrepreneurship—are traded. In this market, households act as the suppliers of these resources, and business firms act as the buyers. This interaction determines the prices of inputs, such as wages for labor or rent for land, which are essential for the production of final goods.