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Author Question: What does it mean to say economics is an empirical science, and how is this related to the question ... (Read 152 times)

EAugust

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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

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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


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EAugust

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Reply #2 on: Jun 29, 2018
Thank you :)


cswans24

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Reply #3 on: Jun 29, 2018
Happy to help you


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