"Economic laws are mere statement of tendencies and hypothetical". This statement is ______.

absolutely incorrect

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absolutely correct

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partially correct

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none of these

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Solution

The correct option is D absolutely correct
Economic laws are based on several assumptions as economics include the study of human beings. Generally economic laws hold true when all the assumptions are considered. We even can find several exceptions to these laws.

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Q12. Consider the following statements about South Asia Economic Focus (SAEF):

1. The South Asia Economic Focus is a biannual (twice-a-year) economic update.

2. It presents recent economic developments and a near-term economic outlook for South Asia.

Which of the above statements are correct?

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