The scientific method, on which economics relies, consists of several elements, including which of the following?
Answer:
Continuing to text the hypothesis against facts
Accepting, rejecting, and adjusting a hypothesis
Observing real-world behavior and outcomes and formulating a hypothesis based on said observations
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The United States has chosen to balance the competing claims of efficiency versus equality by emphasizing greater efficiency over greater equality.
Answer the following statement true (T) or false (F)
Suppose that a country imports $90 million worth of goods and services and exports $80 million worth of goods and services. What is the value of net exports?
a. $170 million b. $80 million c. $10 million d. -$10 million
Assume Robbie's Robots operates in a perfectly competitive market producing 3,000 robots per day. At this output level, the selling price is $800 per robot and the marginal cost is $625 per robot. To maximize profits, Robbie's Robots should
A. make no adjustments as they are already maximizing their profits. B. increase their output. C. decrease their output. D. stop producing since it is earning a loss.
The velocity of money is 3. If nominal GDP is $1,500 billion then the stock of money is
A. $300 billion. B. $500 billion. C. $4,500 billion. D. $7,500 billion.