Asked by
Travis French
on Dec 12, 2024Verified
Economists make assumptions in order to
A) mimic the methodologies employed by other scientists.
B) minimize the number of experiments that yield no useful data.
C) minimize the likelihood that some aspect of the problem at hand is being overlooked.
D) focus their thinking on the essence of the problem at hand.
Scientific Methodologies
A systematic process of inquiry involving observation, experimentation, and analysis to acquire knowledge and enhance understanding.
Useful Data
pertains to information that is relevant, reliable, and can be effectively utilized for decision-making processes or problem-solving.
- Appreciate the role of assumptions in economic modeling and the scientific method in economics.
Verified Answer
HK
Learning Objectives
- Appreciate the role of assumptions in economic modeling and the scientific method in economics.