As a Science,economics Is Disadvantaged in That

question 38

Multiple Choice

As a science,economics is disadvantaged in that

• A)some economic variables are determined within the theory.
• B)economic variables do not change enough to provide reliable data for testing hypotheses.
• C)it deals with human behaviour and thus is not open to empirical testing.
• D)it is usually not possible to conduct controlled experiments in economics,in contrast with certain other sciences.
• E)economic hypotheses cannot be accepted with complete certainty,by contrast with the other sciences.

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Definitions:

Cost of Living

The sum of money required to maintain a specific standard of living, covering essential costs like shelter, nourishment, taxes, and medical care.

Economic Conditions

The state of the economy at a given time, including factors like growth rates, unemployment, and inflation.

Job Loss

The act of becoming unemployed through layoffs or termination, affecting an individual's economic standing and often their identity.

Minimum Wage

The lowest legal hourly pay that employers can offer their workers, set by law to ensure a basic standard of living for employees.