An economic theory
A) always includes every detail that affects the economic behavior of individuals
B) often relies on simplifying assumptions in order to explain economic behavior.
C) is rigid in its approach and does not change with changes in empirical evidence.
D) arrives at a conclusion only after conducting controlled experiments
E) always nullifies empirical evidence.
Correct Answer:
Verified
Q46: Economics is different from other disciplines like
Q47: A good economic theory:
A)must be based on
Q48: The simple circular flow model shows that:
A)firms
Q49: In a market system, one symptom of
Q50: The circular flow model shows that
A)households receive
Q52: In a market system, decisions about how
Q53: A decrease in the price of corn
Q54: An economic theory is tested by:
A)assessing the
Q55: An economic theory:
A)should be as detailed as
Q56: An economic hypothesis:
A)can be tested using empirical
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