Suppose an Economist Develops a Theory That Higher Food Prices

question 164

Multiple Choice

Suppose an economist develops a theory that higher food prices arise from higher gas prices.According to the scientific method,which of the following is the economist's next step?

• A)Collect and analyze data.
• B)Go to a laboratory and generate data to test the theory.
• C)Publish the theory without testing it.
• D)Consult with other economists to see they agree with the theory.

---

Definitions:

Proportion

A portion, fraction, or quantity assessed in relation to its total entity.

Business

An organization or enterprising entity engaged in commercial, industrial, or professional activities.

Consumer Price Index

An index measuring the change in the price level of a basket of consumer goods and services purchased by households.

Basket

A collection of goods, services, or financial instruments grouped together for the purpose of analysis, comparison, or investment.