Which of the Following Best Describes How Economists Test the Empirical

question 271

Multiple Choice

Which of the following best describes how economists test the empirical predictions of economic models?

• A) Economists survey individuals to learn about how people think through decisions about how much to purchase or to produce.
• B) Economists collect and analyze real-world observations of people's actions to discern if those actions accord with theories' predictions.
• C) Based on theories about thought processes, economists seek to determine which thought processes predominate in determining how a person decides what actions to take.
• D) Recognizing that people always do what they say they will do, economists rely exclusively on information gleaned from polls and surveys conducted by poll takers and market researchers.

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Definitions:

Cognitive Development

The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding.

Physical Development

The process of physical growth and change that occurs throughout life, including developments in motor skills, muscle and skeletal growth, and changes in body composition.

Psychological Development

Refers to the emotional, cognitive, and social development that occurs throughout a person's lifespan.

Speech Disorder

A condition affecting the ability to produce or understand spoken language, stemming from neurological, physiological, or cognitive issues.