As a Science, Economics Is Disadvantaged in That

question 13

Multiple Choice

As a science, economics is disadvantaged in that

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

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Definitions:

Sustainable Design

Designing products, services, or environments in a way that reduces their environmental impact, conserves resources, and enhances quality of life for current and future generations.

Maturity Stage

A phase in the product life cycle where growth in sales diminishes, and products may need marketing strategies to maintain market share.

Product Life Cycle

The stages a product goes through from its introduction into the market, through its growth and maturity, until its decline and eventual retirement.

Profitability

The ability of a business to earn a profit, measured by the extent to which revenues exceed costs and expenses.