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JAMB Economics 2002 Question 9

Question 9

Tools of Economic Analysis

A scientific approach in economic analysis entails

  1. A.a deductive method only
  2. B.both inductive and normative methods
  3. C.a normative method only
  4. D.both inductive and deductive methods
Show the answer and explanation

Answer: D (both inductive and deductive methods)

Explanation

The scientific method uses induction (from facts to generalisation) and deduction (from theory to predictions). Normative statements are value judgements, not scientific methods.