Which of the following statements applies to economics,as well as to other sciences such as physics?
A)Experiments are considered valid only when they are conducted in a laboratory.
B)Good theories do not need to be tested.
C)Real-world observations often lead to theories.
D)Economics,as well as other sciences,is concerned primarily with abstract concepts.

Question

Quizplus · Accepted Answer

Like other sciences, economics relies on real-world observations to develop theories. This scientific method is called empiricism, which is the process of making observations, gathering data, and formulating theories based on observations.

Which of the Following Statements Applies to Economics,as Well as to Other