Why is prediction in social sciences like economics more difficult than in physical sciences?
The major reason for the difference is that the social scientists are concerned with human behavior. Human behavior is more variable and often less readily predictable than the behavior of experiments observed in a laboratory.
You might also like to view...
Within the balance of payments, a current account deficit is offset by a:
A) financial account deficit. B) financial account surplus. C) budget deficit. D) budget surplus.
Real wages of manufacturing workers
a. rose between 1860 and 1890, but then fell for much of the period until 1920. b. remained fairly stable until 1900, but then rose between 1900 and 1914. c. followed a general upward trend from 1860 through 1920. d. exhibited dramatic periods of rise and fall between 1860 and 1920.
An economist defines efficiency as:
a. the maximization of output from available resources. b. the maximization of revenue from available resources. c. the maximization of inputs using available resources. d. the creation of a surplus using available resources.
Which of the following is(are) true?
A. Accounting profits generally overstate economic profits. B. In the absence of any opportunity costs, accounting profits equal economic profits. C. Accounting costs generally understate economic costs. D. All of the statements associated with this question are correct.