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Which of the following statements is true of the scientific method?
A)The scientific method used by economists and scientists is independent of empiricism.
B)The scientific method can help develop accurate models even when data are unavailable.
C)The scientific method may not reveal a "true" model of the world.
D)The scientific method does not require the models to be tested with data.

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Answer:

The answer is: C) The scientific method may not reveal a "true" model of the world.

Explanation:

When economists and scientists use the scientific method they are trying to develop models of the world and then test them with data. Past data is used to try to predict future economic behavior. That doesn´t mean that those models are 100% accurate and true, but rather that they might (or not) apply to specific situations.

Microeconomics relies on the use of the scientific method and econometrics, while the scientific method is not applicable in macroeconomics.

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