A well-tested economic theory is often called
A) a hypothesis.
B) a prototype.
C) a principle.
D) an anomaly.

Question

Quizplus · Accepted Answer

A principle is a well-established and proven concept in economics. It is based on empirical evidence and is widely accepted as a reliable guide for economic decision-making. A hypothesis is a tentative assumption or explanation that has not been tested or confirmed, while a prototype is a preliminary version of a product or model. An anomaly is a deviation from the expected or normal pattern, and is usually considered to be outside the realm of established economic theory.

A Well-Tested Economic Theory Is Often Called