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Which of the following is a correct statement? Economics is concerned only with explaining the way that economies actually operate and not with how they
Which of the following is a correct statement? Economics is concerned only with explaining the way that economies actually operate and not with how they should operate. Though not quantitatively exact Economics is as scientific as physics and chemistry because economic laws are as quantitatively precise as the laws of physics or chemistry. Because economics is concerned with questions of ought, it is a branch of applied ethics and not scientific. Economics is concerned with how economies should operate and not with how they do operate.
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