Economics is called an empirical science because
A)economists study real-world evidence to test their models.
B)economists use assumptions in their models.
C)economic models have no predictive power.
D)economic analysis is only useful in a capitalistic society.

Question

Quizplus · Accepted Answer

Economics is considered an empirical science because economists rely on real-world data and evidence to test and validate their economic models and theories. Empirical analysis involves the use of data and experiments to determine the validity of a hypothesis or theory. Economists use empirical analysis to make predictions, test theories, and determine the effectiveness of policies.

Economics Is Called an Empirical Science Because