Economic theory is a necessity, not a luxury.This statement is true because theory
A)always leads to practical and useful policy.
B)can prevent depressions in the economy.
C)substitutes for vast amounts of data.
D)provides a structure for organizing and analyzing data.
E)always leads to accurate predictions.

Question

Quizplus · Accepted Answer

Economic theory provides a framework for analyzing and organizing data, which is necessary for understanding economic phenomena and making informed decisions. While theories cannot always predict the future accurately, they can guide policies aimed at preventing economic downturns and promoting growth.

Economic Theory Is a Necessity, Not a Luxury