Question

Economic laws are merely statements of economic tendencies. This statement is:

• A. True
• B. False
• C. Partially True
• D. None of the above

Answer 1

Answer: (A)

True

Marshall thought that the laws of economics are not exact and definite; they are mere statements of tendencies.
Because of the exactness and definiteness, the laws of physical sciences can predict the course of events. But laws of economics lack this predictive value.