A hypothesis is
a. an assumption about behavior
b. a prediction of what will occur given certain assumptions
c. a prediction of what will occur regardless of assumptions
d. a forecast of future events
e. useful only if the assumptions are realistic
B
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Which of the following is true?
A) Government intervention in the form of direct regulation does not involve any cost. B) The opportunity cost of government work is the tax imposed on the society. C) The allocation of time and talent of individuals to bureaucracy is an important cost of government. D) The larger the size of the bureaucracy, the higher is its efficiency.
Which of the following is most likely to happen to open-access wildlife resources?
a. They will be used efficiently. b. They will not be used at all. c. It will be unprofitable to use them. d. They will be used but will generate no profit. e. They will become extinct.
The interest rate effect helps explain why a lower price level will reduce the quantity of real goods and services demanded as an economy moves down along its aggregate demand curve
a. True b. False Indicate whether the statement is true or false
Higher prices may serve the public interest when:
a. there is a shortage of goods or services available b. there is an uneven distribution of traffic on alternate routes c. higher prices never serve the public interest d. both a and b