Which of the Following Is the Most Important Difference Between

question 85

Multiple Choice

Which of the following is the most important difference between social science and natural science?

• A) Social science tends to use controlled experiments, and natural science does not.
• B) Social science studies meaningful action, and natural science does not.
• C) Social science is subjective, and natural science is objective.
• D) Social science uses soft data, and natural science uses hard data.

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Definitions:

Incentive Compatibility

A concept in mechanism design that ensures the strategies that maximize participants' payoffs also lead to outcomes desired by the mechanism's designer.

Consumers Budget Constraint

A consumer's budget constraint represents the combination of goods and services they can afford with their income and prices.

Adverse Selection

A situation in economic theory where information asymmetry results in high-risk individuals being more likely to apply for insurance or credit, potentially leading to market failure.

Insurance

A financial product that provides protection against potential future losses or damages to individuals or property.