The method used to derive economic laws is ____________.

inductive method

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deductive method

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both (a) and (b)

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neither (a) nor (b)

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Solution

The correct option is B both (a) and (b)
Economic laws can be derived through inductive method where theory is developed through some observed phenomenon and the use of deduction method is made when certain laws are generalised through theory.

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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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