Which of the following is a correct statement?
A) Economic concepts or laws that are valid during depression 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) Economics is as scientific as are physics and chemistry because economic laws are as quantitatively precise as the laws of physics or chemistry.
D) Because economics is concerned with questions of "ought," it is a branch of applied ethics and not scientific.

Question

Quizplus · Accepted Answer

Economic laws are generalizations and not absolute truths, but they are still useful because they provide a framework for understanding and predicting economic phenomena. While economics may not be as quantitatively precise as physics or chemistry, it is still considered a social science because it deals with human behavior and decision-making. Additionally, economics does not dictate what ought to be done, but rather tries to explain and predict what will happen as a result of certain choices and actions.

Which of the Following Is a Correct Statement