An economic theory is tested by:
A) assessing the realism of its assumptions.
B) polling economists to see if there is consensus on the validity of the hypothesis.
C) comparing and contrasting its simplicity with other related theories.
D) comparing its predictions with real-world data
E) polling the general public to see if people agree with the theory.
Correct Answer:
Verified
Q49: In a market system, one symptom of
Q50: The circular flow model shows that
A)households receive
Q51: An economic theory
A)always includes every detail that
Q52: In a market system, decisions about how
Q53: A decrease in the price of corn
Q55: An economic theory:
A)should be as detailed as
Q56: An economic hypothesis:
A)can be tested using empirical
Q57: A hypothesis is a:
A)normative economic statement
B)testable proposition.
C)statement
Q58: Refer to the figure given below. Goods
Q59: The circular flow model indicates that:
A)households demand
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