Question

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.
Because economics is primarily concerned with questions of "ought," it is a branch of applied ethics and not scientific

Answer 1

The correct statement about economics is that it uses generalizations like the laws of demand and supply to predict and influence events, not that it's purely based on ethical judgment or equates precisely with natural sciences.

Step-by-step explanation:

The correct statement is: Although they are generalizations, economic laws are useful because they allow us to predict and therefore influence or adjust to events. Economic principles, such as the laws of demand and supply, are fundamental in understanding how economic agents behave in various circumstances. While governments can enact policies to influence market outcomes, they cannot negate these underlying economic principles. The application of these principles may lead to unexpected outcomes that could counteract the government's original intentions.

Moreover, economics is a social science that uses both empirical data and theoretical models to explain and predict economic phenomena. It is not a branch of moral ethics but a discipline that makes positive statements, which are factual and can be tested, as opposed to normative statements, which are based on personal values and opinions and cannot be proven true or false.