Why is there so much emphasis on exact definitions in economics?
A) Because economists are very picky people.
B) Because economics is a science and must be precise.
C) Because definitions are what economics is all about.
D) Because the government demands it.
Answer (2)
The correct answer is B.
Economics, like any other science, must be precise because any error can have repercussions on a large scale. A and C are incorrect because they are generalized statements. D is incorrect because the government is not solely responsible for economics, just as it's not solely responsible for chemistry or biology.
The emphasis on exact definitions in economics stems from the need for precision in communication, the scientific nature of the discipline, the foundation of its theories, and the implications for policy-making. The correct answer is B) Because economics is a science and must be precise.
;
