What is the best test of an economic theory?
a. its eloquence
b. the plausibility of its assumptions
c. its ability to predict real-world events, patterns, and changes
d. whether it produces implications that are favored by the researcher
C
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Commonwealth v Hunt was a pivotal case in labor history, since it marked the first time in which unions and some of their activities were not found illegal
Indicate whether the statement is true or false
An area that is rising significantly in cost is:
a. Health care b. Home appliances and electronics c. College tuition d. both a and c are correct
To determine whether McDonald's hamburgers are in the same market as Domino's pizza, the criterion we use is their
a. price elasticities of demand b. price elasticities of supply c. income elasticities of demand d. cross elasticities e. equilibrium prices
Which set of fiscal policies would tend to offset each other?
A. A decrease in government spending and no change in taxes B. An increase in government spending and a decrease in taxes C. A decrease in government spending and taxes D. A decrease in government spending and an increase in taxes