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(3a)What is the importance of the scientific method to macro-economists?

(3b)What is the relationship between hypotheses, theories and laws? Why or Why not?

(3c)What is meant by a law in science?

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Answer #1

(3a) The scientific method first identifies a problem, then gathers the data and facts. Based on these data forms hypothesis, test the hypothesis and then finally analyze the results to derive the conclusion. Similarly, in economics, exhaustive observation based on data and testing is required as outcomes should be obtained more than once in order to be validated. Hence, scientific methods are important to macro-economics.

(3b) A hypothesis is an intermediate or tentative explanation that can be tested by further research and investigation. A theory is is a well know fact and explanations based on several observations. A scientific law is a statement that derives the relationship between variables. These all these terms are interrelated as all three of them based on the outcome of others. Hypothesis turns into a theory if well supported by facts and similarly theory can be further turns into laws if there exists valid relationship among the variables.

(3c) A law in science is defined as the rule that explains the body of observations in the form of a verbal or mathematical statement.

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