An economic theory is a/an
(A) Axion
(B) Proposition
(C) Hypothesis
(D) Tested hypothesis
Correct Answer : Proposition
Question Asked : SSC Graduate Level Tier-I Exam 2013
Explanation : A theory is an established explanation that accounts for known facts or phenomenon. Specifically, economic theories ate statements or propositions about patterns of economic behavior under certain circumstances. These theories help us sort out and understand the complexities of economic behavior (Exploring Economics by Robert L. Sexton, p 9).
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Tags : macroeconomics
