1. The scope of Economics is that -
(A) Economics as an Art
(B) Economics studies normative and positive aspect
(C) Economics as a Science
(D) All of the above
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Answer:
economic as a science
option no C
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Answer:
Economics is both an art and a social science.
Explanation:
Economics is an art because it requires creativity, intuition and imagination when conceiving of abstract ideas.
It is a science because it uses logical and empirical methods to understand phenomena.
It studies both positive aspect of how things are and normative considerations of how they should be.
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