« previous next »

Author Question: Why is data an essential component of the scientific method? What will be an ideal ... (Read 66 times)

lb_gilbert

  • Hero Member
  • *****
  • Posts: 588
on: Jun 29, 2018
Why is data an essential component of the scientific method?
 
  What will be an ideal response?

Question 2

A speculator who incorrectly anticipates a major decline in next year's harvest of some agricultural commodity
 
  A) profits at the expense of consumers.
  B) profits at the expense of producers.
  C) sustains losses and increase price variation from this year to next.
  D) sustains losses but reduce price variation from this year to next.


poopface

  • Sr. Member
  • ****
  • Posts: 339
Reply #1 on: Jun 29, 2018
Answer to Question 1

Data are important for testing a model. Testing with data enables economists to separate the good models from the bad models. When a model is overwhelmingly inconsistent with data, economists try to fix the model or replace it altogether. Thus, data enables empirical testing of models to understand if a model is suitable to analyze the problem at hand.

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Did you know?

The U.S. Preventive Services Task Force recommends that all women age 65 years of age or older should be screened with bone densitometry.

Scientific Method Scientific Method
Body Part, Method of Examination, and Equipment Used During the General Physical Examination Body Part, Method of Examination, and Equipment Used During the General Physical Examination
Body Part, Method of Examination, and Equipment Used During the General Physical Examination Cont. Body Part, Method of Examination, and Equipment Used During the General Physical Examination Cont.
Neural tissue that has been stained by the Golgi method. Because only a few neurons take up the ... Neural tissue that has been stained by the Golgi method. Because only a few neurons take up the ...
Linear programming problems using the simplex method. Linear programming problems using the simplex method.
Plot of Land (Modified Offset Method) - Boxed Plot of Land (Modified Offset Method) - Boxed
Video: Tuberculosis Testing

For a complete list of videos, visit our video library