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Which of the following statements about economic methodology is correct? a. An economic law is a cause-and-effect relationship that has been verified by a controlled
Which of the following statements about economic methodology is correct?
a. | An economic law is a cause-and-effect relationship that has been verified by a controlled experiment. |
b. | The test of a theory's validity is its usefulness in explaining reality. |
c. | An economic law is a statement about group behavior that is based on the observed behavior of a single individual. |
d. | An economic law, because it is based on probabilities, can only be expected to be true about half the time. |
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