Why is economics called an empirical science?
A) because economics has been used to both create and destroy empires
B) because economics uses impressions to evaluate the usefulness of its models
C) because economics relies on real-world data to determine the usefulness of a model
D) because economics utilizes intuition rather than data to evaluate a model's worth
C
You might also like to view...
________ refer to the ordinary fluctuations of real GDP around its long-run trend
Fill in the blank(s) with correct word
If the cross-price demand curve for capital (relative to the wage) is vertical, the short run response by a firm to an increase in the wage is the same as its long run response.
Answer the following statement true (T) or false (F)
When the government runs a budget deficit, we would expect to see that
A) public saving is positive. B) private saving will fall. C) G + TR < T. D) investment will fall.
According to the following figure, the equation for marginal revenue is
A. MR = 50 - 160Q. B. MR = 4,000 - 100Q. C. MR = 4,000 - 2,000Q. D. MR = 50 - 0.025Q. E. none of the above