Economics Is an Empirical Science, Which Means That Economists

question 12

Multiple Choice

Economics is an empirical science, which means that economists

• A) look at evidence to see whether or not the model is applicable.
• B) test their models by utilizing unknown variables.
• C) do only laboratory experiments.
• D) refuse to test their models since the usefulness of a model is determined by whether it is logical or not.

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Definitions:

Fulfill Objectives

The process of achieving targeted goals or outcomes as planned or intended.

CPM/PERT

Critical Path Method (CPM) and Program Evaluation and Review Technique (PERT) are project management tools used to schedule, organize, and coordinate tasks within a project.

Critical Path Method

A step-by-step project management technique for process planning that defines critical and non-critical tasks with the goal of preventing time-frame problems and process bottlenecks.

Program Evaluation

The systematic method for collecting, analyzing, and using information to answer questions about projects, policies and programs, particularly about their effectiveness and efficiency.