Instead of Conducting Laboratory Experiments to Generate Data to Test

question 70

Multiple Choice

Instead of conducting laboratory experiments to generate data to test their theories, economists often

• A)rely upon hypothetical data that were previously concocted by other economists.
• B)argue that data is impossible to collect in economics.
• C)rely on natural experiments offered by history.
• D)assume that data would support their theories.

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Definitions:

Shared Knowledge

Information, ideas, or understanding that is common to a group of people and forms part of their collective consciousness or culture.

Generations

Groups of individuals, typically within a family, who are born and live around the same time, marking distinct stages in societal or familial development.

Collectivism

A cultural value that emphasizes the importance of the group or community over individual achievements or desires.

Individualism

A social and political philosophy that emphasizes the moral worth of the individual over collective or state interests.