Question

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 1

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.