Chapters 1, 2, 3, 6, and 7
Which of the following is a correct statement?
7
Multiple Choice
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Economic concepts or laws that are valid during recessions are necessarily valid during
prosperity.
Although they are generalizations, economic laws are useful because they allow us to
predict and therefore influence or adjust to events.
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.