To an economist, theory can be thought of as
a. abstraction for the sake of argument.
b. one person's opinion, which is just as good as another's.
c. another term for the description of a situation.
d. beliefs which cannot necessarily be verified.
e. explanation of mechanisms behind observed phenomena.
e
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A more efficient means of processing tree bark to produce an anticancer drug is discovered. As a result, the supply curve for the drug will:
a. shift to the right, increasing the price of the drug. b. shift to the left, increasing the price of the drug. c. shift to the right, decreasing the price of the drug. d. shift to the left, decreasing the price of the drug.
Which of the following is an example of representative money?
(A) An IOU note (B) Gold earrings (C) A fur coat (D) Diamonds
Approximately what percentage of state and local expenditures do bond referenda account for?
A. 10 percent. B. Less than 1 percent. C. 25 percent. D. 50 percent.
A depreciation of a nation's currency is
A) a situation in which exchange rates are allowed to fluctuate in the open market in response to changes in supply and demand. B) the increase in the exchange value of one nation's currency in terms of an other nation. C) a nation in which households, firms, and governments buy and sell national currencies. D) the decrease in the exchange value of one nation's currency in terms of another nation.