The scientific method and the tools of economics are useful in examining a

Business Dec 10, 2020

The scientific method and the tools of economics are useful in examining

a. only how individuals make decisions.

b. only how business firms make decisions.

c. only how government policies affect macroeconomic outcomes.

d. only the trade-offs evident in production possibilities frontier (PPF).

e. anything; economists will use their tools to study anything in the world around them.

Expert Solution

Answer: E

Economists study how the economy works, which means they examine households, firms, and the government. Thus, economists study everything above and the answer is E. Economists often study things outside the economy like nuclear deterrence with Game Theory, too.

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