Economics is an empirical science, which means that economists
A) look at evidence to see whether or not the model is applicable.
B) test their models by utilizing unknown variables.
C) do only laboratory experiments.
D) refuse to test their models since the usefulness of a model is determined by whether it is logical or not.

Question

Quizplus · Accepted Answer

Economics relies on empirical evidence to test and validate its models. Economists gather and analyze data to see whether a model accurately reflects the real world. This is why economic research often uses statistical methods and empirical testing. Option B is incorrect because economists do not apply unknown variables. Option C is incorrect because economics typically does not involve laboratory experiments. Option D is incorrect because even if a model seems logical, it still needs to be tested against empirical evidence to determine its usefulness.

Economics Is an Empirical Science, Which Means That Economists