What is meant by empiricism? How do empiricists use hypotheses?

What will be an ideal response?

Empirical evidence is a set of facts established by observation and measurement, which are used to evaluate a model. Empiricism refers to the practice of using data to test economic models. When conducting empirical analysis, economists refer to a model's predictions as hypotheses. Hypotheses are predictions (typically generated by a model) that can be tested with data.

Economics

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What is marginal cost? How is it measured?

What will be an ideal response?

Economics

The M1 money supply is defined to be the sum of currency, and

A. checkable deposits. B. Treasury bonds. C. savings accounts. D. large time deposits.

Economics