Which of the following statements is true?
A) Data are facts established by observation and measurement.
B) Theories are statistics that describe the real world.
C) Hypotheses are predictions that can be tested with data.
D) Empirical evidences are facts, measurements, or statistics that describe the world.
C
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Suppose the CPI in 1990 is 500, with 1967 as the base year. On average, how much money must be spent in 1990 to purchase the same quantity of goods and services that could have been bought with $10 in 1967?
A. $50 B. $5 C. $400 D. $500
Assume the price elasticity of demand for MC Pretzel Co. pretzels is 0.8. If the company increases the price of each bag of pretzels, total revenue will
A. Increase because demand is elastic and revenue will rise. B. Increase because the percentage increase in price is greater than the percentage change in quantity demanded. C. Be impossible to predict because the percentage change in price is not known. D. Decrease because fewer bags will be sold.
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
If the isoquants are straight lines or L-shaped, then a cost-minimizing firm will
A) not be able to minimize costs. B) find the lowest isocost line touching the relevant isoquant. C) find the highest isocost line touching the relevant isoquant. D) choose not to produce any output.