Each question in this part is a True, False, or Uncertain question. For each question you must answer whether the statement in italics is True, False, or Uncertain, and justify your response.
3. Economics as a discipline deals only with logical deduction. Economists should never make claims which embody moral- or value-judgments.
True. Economics deals with obtaining maximum utility with available scarce resources by using logical deductions which uses logical reasoning while arriving at a decision
False. Economists need to identify the value a good carries which maximizes utility for a consumer and hence needs to make decisions based on value judgement
Each question in this part is a True, False, or Uncertain question. For each question you...