Economists tell stories
a. in order to breathe life into economic theory and personalize abstract ideas
b. because economics is an art, not a science
c. as a way of rigorously testing economic theory
d. because doing so is a required part of the scientific method
e. to show how their theory can predict at least one real-world situation
A
You might also like to view...
A member of a corporate board of directors that does not have a direct management role in the firm is known as
A) a shareholder. B) a corporate governor. C) an inside director. D) an outside director.
The payroll tax rate is 12.4% on an amount of income adjusted annually for inflation called the wage base (e.g., $97,500 for the year 2007). Half of the tax is withheld from the employee's pay with the other half being paid by the employer
How might this tax be viewed as regressive?
The question of scarce resources and unlimited wants is addressed in
a. psychology b. history c. political science d. economics e. anthropology
When an economist says a firm is earning zero economic profit, this implies that the firm
a. will be forced out of business in the near future unless market conditions change. b. is earning a zero rate of return on its assets. c. is earning as high a rate of return now as could be earned in other industries. d. has an accounting profit of zero.