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Explain the following statements: a. Good economic policy requires good economic theory. b. Generalization and abstraction are nearly synonymous. c. Facts serve to sort out
Explain the following statements:
a. "Good economic policy requires good economic theory."
b. "Generalization and abstraction are nearly synonymous."
c. "Facts serve to sort out good and bad hypotheses."
d. "Theother things equal assumptionhelps isolate key economic relationships."
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