Question

Which of the following are elements of the positive economics as discussed in the lecture? (check all that apply)

Neoclassical economics includes a 'hard core' of ideas that cannot be disputed or invalidated

The more unrealistic the assumptions, the more significant the theory, if it predicts actual outcomes

People can be understood as behaving 'as if' the assumptions and model are true

Economic theory must be historically contextualized

Answer 1

Ans. Neoclassical economics includes a 'hard core' of ideas that cannot be disputed or invalidated

The more unrealistic the assumptions, the more significant the theory, if it predicts actual outcomes

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