Which of the following is a correct statement?
A) Economic concepts or laws that are valid during recessions are necessarily valid during prosperity.
B) Although they are generalizations, economic laws are useful because they allow us to predict and therefore influence or adjust to events.
C) Economists use the scientific method. Therefore, economic laws are as quantitatively precise as the laws of physics or chemistry.
D) Because economics is primarily concerned with questions of "ought," it is a branch of applied ethics and not scientific.

Question

Quizplus · Accepted Answer

Economic laws are generalizations that are useful for predicting and adjusting to events, but they are not absolute or applicable in all situations. This is because economic conditions and factors are constantly changing, making it important for economists to continually analyze and update their models and theories. Option A is incorrect because economic concepts can vary depending on the economic climate, and what may be applicable during a recession may not be applicable during prosperity. Option C is incorrect because while economists use scientific methods, economic laws are not as quantitatively precise as the laws of physics or chemistry due to the complexity and unpredictability of the human behavior and market. Option D is incorrect because economics is a scientific field that uses quantitative analysis and empirical research to understand and explain economic phenomena. While ethical considerations may play a role in economic decision-making, economics is not primarily a branch of applied ethics.

Which of the Following Is a Correct Statement