Economics is called an empirical science because
A) economists study real-world evidence to test their models.
B) economists use assumptions to test their models.
C) economic models have no predictive power.
D) economic analysis is only useful in a pure market economy.

Question

Quizplus · Accepted Answer

Empirical science relies on real-world evidence to test hypotheses and theories. Economists use data and observations to test their economic models, making economics an empirical science. Choices B, C, and D are incorrect because assumptions are used in economic modeling, economic models do have predictive power, and economic analysis is applicable to all types of economies, not just pure market economies.

Economics Is Called an Empirical Science Because