Question

With respect to how economists study the economy, which of the following statements is most accurate? a) Economists study the past, but they do not try to predict the future. b) Economists use "rules of thumb" to predict the future. c) Economists devise theories, collect data, and analyze the data to test the theories. d) Economists use controlled experiments in much the same way that biologists and physicists do.

Answer 1

Answer:

Option (c) is correct.

Explanation:

Economists refers to the people who are doing research, analyzing data and measure the qualitative activities in terms of money.

For research perspective, one should have proper knowledge about the research problem that he or she need to address in his or her research. Then he should collect the reliable and accurate data for the analysis. Data is very important for a particular research study.

Once the data is ready to analyze then the economists run the data and interpret the results.