Chapter2 Questions for Review

Chapter2 Questions for Review -...

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Chapter 2 Questions for Review answers 1. Economics is like a science because economists use the scientific method. They devise  theories, collect data, and then analyze these data in an attempt to verify or refute their  theories about how the world works. Economists use theory and observation like other  scientists, but they are limited in their ability to run controlled experiments. Instead, they must  rely on natural experiments. 2. Economists make assumptions to simplify problems without substantially affecting the  answer. Assumptions can make the world easier to understand. 3. An economic model cannot describe reality exactly because it would be too complicated to  understand. A model is a simplification that allows the economist to see what is truly  important. 4. There are many possible answers. 5.
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This note was uploaded on 11/09/2011 for the course ECO 6789 taught by Professor Hu during the Spring '11 term at Campbell.

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Chapter2 Questions for Review -...

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