Economics is a __________
I. Physical science
II. Pure science
III. Social science
IV. statistical science
Select the correct answer from the option given below

I & IV

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II & III

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III only

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II only

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Solution

The correct option is D III only
Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged. Samuelson says that Economics is “the queen of the social sciences”.

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