« previous next »

Author Question: What does it mean to say economics is an empirical science, and how is this related to the question ... (Read 143 times)

EAugust

  • Hero Member
  • *****
  • Posts: 550
on: Jun 29, 2018
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

  • Sr. Member
  • ****
  • Posts: 317
Reply #1 on: Jun 29, 2018
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

EAugust

  • Hero Member
  • *****
  • Posts: 550
Reply #2 on: Jun 29, 2018
Thank you :)


cswans24

  • Sr. Member
  • ****
  • Posts: 317
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Did you know?

More than 4.4billion prescriptions were dispensed within the United States in 2016.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Conscientiousness is negatively correlated with a number of health-related behaviors. The higher the ... Conscientiousness is negatively correlated with a number of health-related behaviors. The higher the ...
How to solve a half life problem involving exponential models (Question 2) How to solve a half life problem involving exponential models (Question 2)
How to use Cramer's rule to solve a second-order determinant (Question 2) How to use Cramer's rule to solve a second-order determinant (Question 2)
What is the phenotype for the female and male..This question is locked What is the phenotype for the female and male..This question is locked
this is a math question this is a math question
economic question economic question
Video: ribosome

For a complete list of videos, visit our video library