Which of the following would not be part of the empirical approach when studying such questions as "Has abortion led to a decrease in the crime rate?"
A. Using models to structure the empirical study
B. Creating informal models and hypotheses
C. Using deductive reasoning
D. Looking at the data
Answer: C
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One of the most famous cartels is OPEC
a. True b. False Indicate whether the statement is true or false
the law of comparative advantage.
What will be an ideal response?
Classical economists contend that official measures of unemployment:
A. understate the problem due to the existence of discouraged workers. B. overstate the problem because most unemployment is cyclical. C. overstate the problem because most unemployment is voluntary. D. understate the problem due to involuntary part-time employment.
To increase society's total welfare (social efficiency), a production process that produces a negative externality should be:
A. taxed. B. provided by the government. C. ignored. D. subsidized.