What does it mean to say economics is an empirical science, and ...

[EAugust]

What does it mean to say economics is an empirical science, and how is this related to the question of deciding on the usefulness of a model?
 
  What will be an ideal response?

Question 2

The free-rider problem is encountered when
 
  A) someone benefits from the consumption of a public good without paying his or her full share.
  B) all individuals who consume a public good pay for it.
  C) all goods consumed and produced are private goods.
  D) all individuals are willing to pay for what they consume.

[cswans24]

Answer to Question 1

Economists examine evidence to test whether a model is useful or not. That is, real-world data are studied to see if they conform to the predictions of the model. A model is useful if it generates testable predictions and implications for the real world. A model that predicts better is generally considered a better model.

Answer to Question 2

A

[EAugust]

Thank you

[cswans24]

Happy to help you