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What is meant by saying that economics is an empirical science? Economic theories cannot be tested because economic variables change too quickly. Economic theories will be tested by seeing how well they correspond to people's declared preferences. O Economic theories will be tested by seeing how well they correspond to real- world phenomena. Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision.

What is meant by saying that economics is an empirical science? Economic theories cannot be tested because economic variables change too quickly. Economic theories will be tested by seeing how well they correspond to people's declared preferences. O Economic theories will be tested by seeing how well they correspond to real- world phenomena. Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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What is meant by saying that economics is an empirical science? O Economic theories cannot be tested because economic variables change too quickly. Economic theories will be tested by seeing how well they correspond to people's declared preferences. Economic theories will be tested by seeing how well they correspond to real- world phenomena. O Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision.
Transcribed Image Text:What is meant by saying that economics is an empirical science? O Economic theories cannot be tested because economic variables change too quickly. Economic theories will be tested by seeing how well they correspond to people's declared preferences. Economic theories will be tested by seeing how well they correspond to real- world phenomena. O Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision.
Suppose that tacos and pizza are substitutes, and that soda and pizza are complements. We would expect an increase in the price of pizza to: O reduce the demand for both soda and tacos. reduce the demand for soda and increase the demand for tacos. increase the demand for both soda and tacos. O reduce the demand for tacos and increase the demand for sodas.
Transcribed Image Text:Suppose that tacos and pizza are substitutes, and that soda and pizza are complements. We would expect an increase in the price of pizza to: O reduce the demand for both soda and tacos. reduce the demand for soda and increase the demand for tacos. increase the demand for both soda and tacos. O reduce the demand for tacos and increase the demand for sodas.
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