Why is economics called an empirical science?
A) because economics has been used to both create and destroy empires
B) because economics uses math to evaluate the usefulness of its models
C) because economics relies on real-world data to determine the usefulness of a model
D) because economics utilizes only assumptions to evaluate how accurate a model is

Question

Quizplus · Accepted Answer

Economics is called an empirical science because it relies on real-world data to determine the usefulness of a model. Empirical means based on observation or experience rather than theory or pure logic. Therefore, economics is an empirical science since it uses data and evidence to test its theories and models.

Why Is Economics Called an Empirical Science