Economics Is Called an Empirical Science Because

question 212

Multiple Choice

Economics is called an empirical science because

• A)economists study real-world evidence to test their models.
• B)economists use assumptions in their models.
• C)economic models have no predictive power.
• D)economic analysis is only useful in a capitalistic society.

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Definitions:

Check Register

A record, often part of a ledger or accounting software, used to track checks issued, deposits, and current account balances.

Cleared

Refers to transactions that have been reconciled and confirmed by a bank or financial institution, indicating that funds have been successfully transferred.

Reconciled

The process of ensuring that two sets of records (usually the balances of two accounts) are in agreement, confirming the accuracy of financial transactions.

Timing Differences

Discrepancies between the time a transaction is recognized in financial statements and the actual time the transaction occurs, affecting financial reporting.