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Which of the following statements applies to economics, as well as to other sciences such as physics? a
Which of the following statements applies to economics, as well as to other sciences such as physics?
a. Experiments are considered valid only when they are conducted in a laboratory.
b. Good theories do not need to be tested.
c. Real-world observations often lead to theories.
d. Economics, as well as other sciences, is concerned primarily with abstract concepts.
Expert Solution
Option c. Real-world observations often lead to theories is correct.
Economics explains the nature of an economy, while physics explains the nature of motion and energy. They both share some similar characteristics such as policymakers in both the fields emphasize the experimentation and past experiences. Both rely on real-world observations to make theories.
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