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