Economics Is a Social Science Rather Than a "Hard" Science

question 158

Multiple Choice

Economics is a social science rather than a "hard" science like physics because

• A)economists abstract from reality when creating their theories.
• B)economics is easier to study than physics.
• C)economists must explain their theories to policy makers who lack formal mathematical training.
• D)economists study human behavior, which is affected by an unpredictable and vast range of influences.

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Definitions:

Dominant Strategy

An action in game theory that yields the best outcome for a player, regardless of what the other players do.

Low Price

A cost that is relatively small or lower than average.

Payoff Matrix

A table that shows the potential outcomes of different decisions made by players in a strategic game, taking into account each player's choices and strategies.

Joint Profits

The combined earnings or benefits accrued by two or more parties collaborating on a project or business venture.