economic theories: group of answer choices are abstractions and therefore of no application to real situations. that are true for individual economic units are never true for the economy as a whole. are useless because they are not based on laboratory experimentation. are generalizations based on a careful observation of facts.

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02-09-2022
Business

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economic theories: group of answer choices are abstractions and therefore of no application to real situations. that are true for individual economic units are never true for the economy as a whole. are useless because they are not based on laboratory experimentation. are generalizations based on a careful observation of facts.

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tutorconsortium344 tutorconsortium344 · Answer 1 · 2022-09-07T09:50:03-04:00

Economic theories:

A. are useless because they are not based on laboratory experimentation.

B. that are true for individual economic units are never true for the economy as a whole.

C. are generalizations based on a careful observation of facts.

D. are abstractions and therefore of no application to real situations.

The required details for Economic theories in given paragraph

Economic theories are broad generalizations based on meticulous fact observation.

An economic theory is a body of ideas and precepts that spells out how distinct economies operate. Depending on their individual role, an economist may employ theories for a variety of purposes. For instance, some theories try to explain why specific economic phenomena like inflation or supply and demand happen.

What is a case study of economic theory?

Input and output

For instance, an item or service's price may soar when its supply declines and consumer demand increases; in this scenario, the supply is insufficient to meet the demand.

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