Question on: JAMB Economics - 2002
A scientific approach in economic analysis entails?
A
a deductive method only
B
both inductive and normative methods
C
a normative method only
D
both inductive and deductive methods
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Correct Option: B
A scientific approach in economic analysis uses both inductive and deductive methods:
* **Deductive method:** This involves starting with general principles or theories and then applying them to specific situations to derive conclusions.
* **Inductive method:** This involves gathering specific observations or data and then using them to formulate broader generalizations or theories.
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