Which Concept Is Defined as Leading from a General Law

question 41

Multiple Choice

Which concept is defined as leading from a general law to a particular observed example of the law?

• A)inductive reasoning
• B)laissez-faire
• C)deductive reasoning
• D)empirical method
• E)law of gravity

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Definitions:

Recession

A significant decline in economic activity across the economy, lasting longer than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Trade Surplus

The amount by which a nation’s exports of goods (or goods and services) exceed its imports of goods (or goods and services).

Trade Deficit

A situation where a country's imports of goods and services exceed its exports, leading to more money flowing out of the country than coming in.

Imports

Goods or services brought into a country from abroad for sale, which can impact the domestic economy and domestic industries.