Which of the following statements about economic methodology is correct?
a. An economic law is a cause-and-effect relationship that has been verified by a controlled experiment.
b. The test of a theory's validity is its usefulness in explaining reality.
c. An economic law is a statement about group behavior that is based on the observed behavior of a single individual.
d. An economic law, because it is based on probabilities, can only be expected to be true about half the time.
e. Assumptions are ignored in the development of hypotheses.
Question 2
Which of the following is not a part of the scientific method in economics?
a. normative statements
b. comparing predictions to evidence
c. formulating a hypothesis
d. a hypothesis
e. behavioral assumptions
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