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23 May, 10:16

Which of the following statements is true of theories in economics? Theories in economics A. are used to construct models from which quantitative predictions can be made. B. are developed to explain observed phenomena free from restrictions imposed by a set of basic rules. C. are never modified or refined. D. Both A and B are correct. E. None of the above.

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  1. 23 May, 10:36
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    A. are used to construct models from which quantitative predictions can be made

    Explanation:

    Economists have long used quantitative methods to provide us with theories and explanations on why certain things happen in the market. Why a given economic system behaves the way it does.
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