Deductive method gives theoretical explanation to economic facts while inductive method tests or verifies the same empirically. This statement is _____________.

absolutely correct

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absolutely incorrect

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partly correct, partly incorrect

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none of these

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Solution

The correct option is A absolutely correct
In deductive method, we start from theory and conduct an explanation background for such theories by hypothesis followed by observation and confirmation of such theories whereas in inductive method it is the other way round, where theory is extract by the confirmed facts.

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Under this method, a particular asset is expected to generate equal utility (economic benefits) during its useful life. Which method is this?

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