In relation to methods of economic study, which of the following statements is INCORRECT?
Modern economists follow deductive method.
The correct answer is option 2. Modern economists typically follow the inductive method, which involves building theories based on empirical data and observations, rather than using the deductive method. The deductive method is more theoretical and is based on deriving conclusions from general principles. Therefore, the statement that "modern economists follow deductive method" is incorrect. The other statements about inductive and deductive methods are correct in their descriptions.
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Important Questions from Economics
Savings is that portion of money income that is .....
The persistent and appreciable full in level of prices and when the rate of change of price index is negative it is called as
While computing Net Economic Welfare (NEW), which of the following items is subtracted from GNP?
Which of the following statements are CORRECT for welfare economics?
A. Any competitive equilibrium leads to a Pareto efficient allocation of resources
B. Competitive equilibrium does not lead to Pareto efficient allocation of resources
C. Any efficient allocation can be attained by a competitive equilibrium given the market mechanism leading to redistribution
D. There will be no Pareto efficient allocation of resources in the society
Choose the correct answer from the options given below:
RBI The sale of a bond by the United States to individuals or institutions results in a ______.
I. Shortage of stock
II. Shortage in money supply
