Which of the following steps does an economist take when studying the economy?

a. device theories

b. collect data

c. analyze data

d. All of the above are correct.

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Vaishnavi KanukurtiLv10

10 Oct 2020

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Related questions

Which of the following steps does an economist take when studying the economy?

Economists, like mathematicians, physicists, and biologists,

a. make use of the scientific method.

b. try to address their subject with a scientist's objectivity.

c. devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories.

d. All of the above are correct.

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How an economist answers the question, does economic power exist, is one main difference between the heterodox and conventional approaches. Explain both positions by explaining their supposed general theories.. Which theory more accurately represents the real world? What data and evidence can be provided to support this? How can the government use its power of the purse, i.e., the creation of money, to correct for unequal economic power or is this even necessary at all? What policies could be taken to level out the economic playing field if economic power exists? Would this cause inflation? Why or why not?