What is meant by saying that economics is an empirical science?
A) Economic theories will be tested by seeing how well they correspond to people's declared preferences.
B) Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision.
C) Economic theories cannot be tested because economic variables change too quickly.
D) Economic theories will be tested by seeing how well they correspond to real-world phenomena.
D
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Individual states engage in their own industrial policy, which can involve states competing with one another by offering special inducements to attract industry and jobs
Indicate whether the statement is true or false
The net investment income from abroad is U.S. investment earnings from foreign assets minus what?
a. foreigners earnings from their U.S. assets b. foreigners earnings from investments at home c. U.S. investors stock market earnings d. U.S. bondholders earnings from interest abroad
Government spending as a percent of national income
A. has been steadily climbing since 1900. B. peaked during the Nixon administration. C. has been almost constant this century. D. peaked during World War II.
How much is the concentration ratio in the fast food industry if MacDonald's has 18% of the sales; Burger King, 12%; Wendy's, 10%; Roy Rogers, 8%; White Castle, 6%; Bob's Big Boy, 4%; and four others tie with 3%?
What will be an ideal response?