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Author Question: What branch of economics involves the collection and use of data to test economic theories? Why is ... (Read 40 times)

ssal

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on: Jun 29, 2018
What branch of economics involves the collection and use of data to test economic theories? Why is this task often more difficult in economics than it is in physical sciences?
 
  What will be an ideal response?

Question 2

Because new plastic and recycled plastic are substitutes, as the price of newly produced plastic increases,
 
  A) the demand curve for recycled plastic shifts to the left.
  B) there is a movement up along the demand curve for recycled plastic.
  C) there is a movement down along the demand curve for recycled plastic.
  D) the demand curve for recycled plastic shifts to the right.


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dlook33

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The branch of economics that involves the collection and use of data to test economic theories is called empirical economics. This is often more difficult in economics than in the physical sciences because economists rarely are able to set up controlled experiments.

Answer to Question 2

D


ssal

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

kishoreddi

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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