Economic Theory

question 66

Multiple Choice

Economic theory:

• A)can determine which public policy is the most desirable.
• B)tries to account for all possible influences.
• C)is a tool for understanding economic relationships.
• D)uses no assumptions in deriving results.

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Definitions:

Empirical

Relies on, deals with, or can be confirmed through direct observation or practical experience rather than abstract theory or pure reasoning.

Common Sense

Practical judgment concerning everyday matters, or a basic ability to perceive, understand, and judge in a manner that is shared by nearly all people.

Sociohistorical Context

The social and historical background or environment that influences and shapes individuals, communities, or events.

Childhood Sexual Abuse

The involvement of a child in sexual activity that they do not fully comprehend, are unable to give informed consent to, or that violate the laws or social taboos of society.