Which of the following is a correct statement?
A)Economics is concerned only with explaining the way that economies actually operate and not with how they should operate.
B)Though not quantitatively exact, economic laws are useful because they allow us to predict and, therefore, to control or to adjust to events.
C)Economics is as scientific as physics and chemistry because economic laws are as quantitatively precise as the laws of physics or chemistry.
D)Because economics is concerned with questions of "ought," it is a branch of applied ethics and not scientific.
E)Economics is concerned with how economies should operate and not with how they do operate.

Question

Quizplus · Accepted Answer

Economics, as a social science, uses laws and models to predict economic behavior, though these predictions may not always be as precise as those in the natural sciences. This predictive ability is valuable for understanding, controlling, or adapting to economic phenomena.

Which of the Following Is a Correct Statement