Which of the following statements is true? OA. Economics is a science since the study of economics uses models and theories that are subject to empirical testi OB. Economics is not a science since the models developed are a simplification of the real world. OC. In order for a discipline to be considered a science it must be possible to set up laboratory experiments. OD. Economics is not a science since only biology, physics and chemistry can be called a science.

Which of the following statements is true? OA. Economics is a science since the study of economics uses models and theories that are subject to empirical testi OB. Economics is not a science since the models developed are a simplification of the real world. OC. In order for a discipline to be considered a science it must be possible to set up laboratory experiments. OD. Economics is not a science since only biology, physics and chemistry can be called a science.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section2.1: The Economist As Scientist

Problem 1QQ

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Concept explainers

Laffer Curve Analysis

In terms of economics, the Laffer curve was popular among those economists who were or who belonged to the supply side of the economic peripheral. This concept was popularized by the famous supply-side economist known as Arthur Laffer. This curve illustrated the relationship between the tax rates and government revenue. It is already known that the tax which the public or individuals residing in an economy bear is the revenue or income of the government with the help of which the government does all the necessary works in the society, which is beneficial for the economy.

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Which of the following statements is true?
A. Economics is a science since the study of economics uses models and theories that are subject to empirical testing.
B. Economics is not a science since the models developed are a simplification of the real world.
OC. In order for a discipline to be considered a science it must be possible to set up laboratory experiments.
D. Economics is not a science since only biology, physics and chemistry can be called a science.

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