Consider the following :
Assertion (A) : According to Peacock-Wiseman hypothesis, public expenditure increases overtime in a step by step manner.
Reason (R) : This hypothesis is based on the displacement effect, concentration effect and inspection effect.
Select the correct answer from the codes given below :
1
(A) is true, but (R) is false.
2
(A) is false, but (R) is true.
3
Both (A) and (R) are true, but (R) is not the correct explanation of (A).
4
Both (A) and (R) are true and (R) is the correct explanation of (A).