What is the difference between an economic hypothesis and an economic theory?
a. A hypothesis is simplified; a theory is more complex.
b. A hypothesis has yet to be tested; a theory has been tested and accepted.
c. A hypothesis uses broad assumptions; a theory uses more specific assumptions.
d. A hypothesis uses abstractions; a theory uses models.
b. A hypothesis has yet to be tested; a theory has been tested and accepted.
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An economic service need not be
a. useful. b. scarce. c. transferable. d. tangible.
A monopoly maximizes its profits using what rule?
a. P = ATC b. MR = ATC c. Q = MC d. MR = MC e. pick the highest price possible, as long as some units still sell
World Wide Delivery Service Corporation develops a way to speed up its deliveries and reduce its costs. We would expect that this would
a. raise the demand for existing shares of the stock, causing the price to rise. b. decrease the demand for existing shares of the stock, causing the price to fall. c. raise the supply of the existing shares of stock, causing the price to rise. d. raise the supply of the existing shares of stock, causing the price to fall.
Secondary reserves are
A. very short-term U.S. government securities. B. vault cash. C. deposits at the Federal Reserve District Bank. D. excess reserves.