Which of the following components are necessary parts of an economic hypothesis?
a. predictable; testable; changing circumstances
b. reflection; historical accuracy; constant circumstances
c. predictable; testable; constant circumstances
d. reflection; historical accuracy; changing circumstances
a. predictable; testable; changing circumstances
You might also like to view...
A firm with a fixed cost of $300 every month and variable cost of $200 every month decides to shut down. In such a situation it would lose:
A) $200 every month. B) $300 every month. C) $500 every month. D) $0 every month.
If the United States and Mexico trade Budweiser for Modelo beer, what type of trade does this represent?
What will be an ideal response?
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Refer to the scenario above. Which of the following will happen if Mike decides to mow his lawn by himself?
A) GDP will remain unchanged. B) Per capita income will increase. C) GDP will decrease. D) GDP will increase.