Asked by Brittney Britt on Jun 23, 2024
Verified
An approach to economics that applies statistical techniques and data to economic problems is called
A) Ockham's razor.
B) laissez-faire economics.
C) empirical economics.
D) normative economics.
Empirical Economics
The branch of economics that focuses on using data and statistical methods to test hypotheses and build economic theories.
Statistical Techniques
Mathematical methods applied to analyze, interpret, and make inferences from data.
- Recognize and explain the importance of empirical economics in analysing economic problems.
Verified Answer
AH
Alexander HelouJun 26, 2024
Final Answer :
C
Explanation :
Empirical economics involves the use of data and statistical methods to analyze economic phenomena and test economic theories. This approach contrasts with theoretical or normative economics, which focuses on what ought to be rather than what is observable and measurable.
Learning Objectives
- Recognize and explain the importance of empirical economics in analysing economic problems.