Which of the Following Statements About Economic Methodology Is Correct

question 68

Multiple Choice

Which of the following statements about economic methodology is correct?

• A)An economic law is a cause-and-effect relationship that has been verified by a controlled experiment.
• B)The test of a theory's validity is its usefulness in explaining reality.
• C)An economic law is a statement about group behavior that is based on the observed behavior of a single individual.
• D)An economic law, because it is based on probabilities, can only be expected to be true about half the time.
• E)Assumptions are ignored in the development of hypotheses.

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Definitions:

Multidimensional Model

A framework that explains phenomena or behaviors by considering multiple factors and their interrelations.

Microsystem

In Bronfenbrenner’s bioecological model, the immediate environment where proximal processes are played out.

Bronfenbrenner

Refers to Urie Bronfenbrenner, a psychologist renowned for his Ecological Systems Theory, emphasizing the impact of various environmental systems on child development.

Life Span

The maximum duration of life of a living organism or the period from birth to death, considering all factors affecting its life cycle.