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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