Which of these statement is true about economic laws?

Economic laws are essentially hypothetical and conditional

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Economics laws are not exact as the law of physical science

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They are more exact than the law of other social science

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Economics laws are abstract in nature

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Solution

The correct option is B Economics laws are not exact as the law of physical science
Economics laws are not exact as the law of physics. They are based on hypothesis and that is why economics is known as inexact science or social science as it deals with human behaviour mainly.

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