Economics Is Different from a "Hard" Science Like Physics Because

question 185

Multiple Choice

Economics is different from a "hard" science like physics because:

• A)​economists abstract from reality in 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 cannot easily control all the variables that might influence human behavior.

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Definitions:

Base-Rate Information

Statistical information about the frequency or prevalence of a phenomenon, event, or characteristic within a given population.

Cognitive Map

A mental representation of one's physical environment and spatial orientation.

Prototype

An original model or preliminary version of a product from which other forms are developed or copied.

Availability Heuristic

A cognitive bias in which people judge the probability of events based on how easily examples come to mind, often leading to skewed perceptions of reality.