The Scientific Approach to Economic Inquiry Involves

question 108

Multiple Choice

The scientific approach to economic inquiry involves

• A)choosing data that will support the predictions.
• B)using only endogenous variables in economic models.
• C)testing the predictions with empirical data.
• D)testing the reality of the assumptions of the model.
• E)using only independent variables.

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Definitions:

Semantic Encoding

The process of converting information into a meaningful context, such as by associating it with other related concepts, to facilitate better memory retention.

Large Capacity

Refers to the ability to hold or contain a large amount of information, substance, or items either physically or mentally.

Long-term Storage

The aspect of memory that pertains to the capacity to store information indefinitely.

Short-term Storage

A cognitive process related to memory that is responsible for temporarily holding small amounts of information in an active, readily available state.