« previous next »

Author Question: What does it mean to say economics is an empirical science, and how is this related to the question ... (Read 153 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?

Vaccines cause herd immunity. If the majority of people in a community have been vaccinated against a disease, an unvaccinated person is less likely to get the disease since others are less likely to become sick from it and spread the disease.

Did you know?

Cucumber slices relieve headaches by tightening blood vessels, reducing blood flow to the area, and relieving pressure.

Did you know?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

The economics of conservation. The economics of conservation.
Question Question
How to set up and solve linear models (Question 4) How to set up and solve linear models (Question 4)
A fun math question A fun math question
economic question economic question
Question about Resultant of gravitational force? Question about Resultant of gravitational force?
Video: Inflammation Animation

For a complete list of videos, visit our video library