Question

which of the following statements is true?
a. economics is not a science since only biology, physics and chemistry can be called a science
b. economics is a science since the study of economics uses models and theories that are subject to empirical testing
c. in order for a discipline to be considered a science it must be possible to set up laboratory experiments
d. economics is not a science since the models developed are a simplification of the real world

Explanation:

Economics uses models and theories that can be empirically tested, which is a characteristic of a science. It doesn't need laboratory - only experiments to be a science, and model simplification doesn't disqualify it from being a science.

Answer:

B. Economics is a science since the study of economics uses models and theories that are subject to empirical testing