Question

Characteristics of economic laws are _____.

• A. Mere statements of economic tendencies
• B. Less certain
• C. Hypothetical
• D. All of the above

Answer 1

Answer: (D)

All of the above

In everyday life, we see man is always busy in satisfying his un-limited wants with limited means. In doing so, he acts upon certain principles. These principles, which an average man follows when he is engaged in economic activity, are named as “economic laws”.

Characteristics of economic laws are as below:

• Lack of exactitude
  
• Economic laws are hypothetical
  
• Economic laws are qualitative not quantitative
  
• Applies on the average in normal condition.