Why Is Economics Called an Empirical Science

question 130

Multiple Choice

Why is economics called an empirical science?

• A)because economics has been used to both create and destroy empires
• B)because economics uses impressions to evaluate the usefulness of its models
• C)because economics relies on real-world data to determine the usefulness of a model
• D)because economics utilizes intuition rather than data to evaluate a model's worth

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Definitions:

Interval of Random Numbers

A range within which random numbers can be generated, often used in simulations and probabilistic analyses.

Cumulative Probability

The probability that a random variable is less than or equal to a specific value, often visualized as the area under the probability distribution curve up to that point.

Interval of Random Numbers

A range within which any number has an equal chance of being selected in a random selection process.

Expected Demand

The forecasted quantity of products or services that consumers will purchase in a given period, based on historical data, market trends, and other influencing factors.