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:

Dependent Variable

A variable in an experiment that is expected to change in response to manipulations of the independent variable.

Correlational Study

A research methodology that examines the relationship or association between two or more variables without determining causal direction.

Experimental Study

A research methodology that manipulates one variable to determine if it causes a change in another variable, usually in a controlled environment.

Inferential Statistics

The branch of statistics that allows for making predictions or inferences about a population based on a sample.