The scientific approach to economic inquiry involves
A)testing the predictions with empirical data.
B)choosing data that will support the predictions.
C)using only independent variables.
D)testing the reality of the assumptions of the model.
E)using only endogenous variables in economic models.

Question

Quizplus · Accepted Answer

The scientific approach to economic inquiry involves testing the predictions with empirical data, meaning that the predictions are put to the test through real-world observations and data. This approach relies on evidence-based methods rather than predetermined biases or preferences.

The Scientific Approach to Economic Inquiry Involves