Economics is an empirical science, which means that economists
A) must use laboratory experiments to test their theories.
B) evaluate a model or theory by whether its assumptions are consistent with the real world.
C) try to prove their models are true by referring to logic.
D) look for evidence to determine whether the model is useful or not.
Answer: D
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Regression analysis can best be described as
A) a statistical technique for estimating the best relationship between one variable and a set of other selected variables. B) a statistical technique for determining the true values of variables. C) a statistical technique for creating functional relationships among variables. D) None of the above
The transformation of an invention into something that benefits the economy is known as
A. a patent. B. an innovation. C. magical growth. D. an externality.