The process by which economists test hypotheses against facts to develop theories, principles, and models is called
A) the economic perspective.
B) the scientific method.
C) policy economics.
D) microeconomics.

Question

Quizplus · Accepted Answer

The scientific method is a systematic approach used by economists to test hypotheses against empirical evidence in order to develop theories, principles, and models. This involves formulating a hypothesis, collecting relevant data, analyzing the data using statistical techniques and empirical methods, and drawing conclusions based on the results. It is a fundamental aspect of modern economics and helps to ensure that economic theories are based on solid empirical evidence rather than on conjecture or speculation.

The Process by Which Economists Test Hypotheses Against Facts to Develop