Asked by Devon Westerlund on May 27, 2024
Verified
Which of the following terms implies the greatest degree of confidence in an economic generalization?
A) Hypothesis.
B) Comparison.
C) Principle.
D) Anomaly.
Economic Generalization
Broad statements or principles about economic behavior that apply to different contexts and situations.
Principle
A fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning.
Anomaly
An irregularity or deviation from what is standard, normal, or expected.
- Acquire knowledge on the definition and relevance of economic theories, principles, and generalizations.
Verified Answer
ME
Meaghan ElizabethMay 27, 2024
Final Answer :
C
Explanation :
A principle is a well-established and widely accepted concept in economics, implying a high level of confidence in the generalization. A hypothesis is an untested assumption that requires further testing; a comparison is a way of evaluating different options but does not necessarily imply confidence in a generalization, and an anomaly is something that is unexpected or does not fit with existing theories.
Learning Objectives
- Acquire knowledge on the definition and relevance of economic theories, principles, and generalizations.