For Economists,substitutes for Laboratory Experiments Often Come in the Form

question 207

Multiple Choice

For economists,substitutes for laboratory experiments often come in the form of

• A)natural experiments offered by history.
• B)untested theories.
• C)"rules of thumb" and other such conveniences.
• D)reliance upon the wisdom of elders in the economics profession.

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Definitions:

Damaged Item

Refers to goods or property that have suffered physical harm diminishing their value, usefulness, or normal function.

Good-faith Effort

An honest intention to fulfill one's obligations or duties in a contractual context.

Puffing

Exaggerated or superlative comments or claims about a product that are subjective and not legally binding.

Generality

A statement, principle, or idea that applies broadly rather than specific details or instances.