Empirical evidence refers to:
A) a set of facts established by observation and measurement.
B) the process of developing and testing models.
C) a proposed explanation for a phenomenon.
D) a simplified representation of reality.
A
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A debit card is
A) money because it is a means of payment. B) not money but is used to transfer bank deposits which are money. C) money because it is generally accepted as a means of payment. D) not money because it is not officially issued by the government. E) part of the M2 money supply but not part of the M1 money supply.
Suppose the market demand for milk is Qd = 150 - 5P. Additionally, suppose that a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run there is free entry into the market. Suppose the demand for milk doubles. How many new firms enter the market in the long run due to the increased demand?
A. 10 B. 20 C. 100 D. 2
The resource curse is:
A. the curse that countries that have an abundance of resources tend to have lower economic growth compared to countries with fewer natural resources. B. the curse of many developing countries-they have few natural resources and their economies cannot grow. C. the curse that countries that have fewer resources tend to have lower economic growth compared to countries with abundant natural resources. D. an economic theory that has yet to be developed because there are no examples in the real world.
________ initiates action against antitrust law violators and decides which cases to prosecute.
A. Federal Utility Commission B. Federal Trade Commission C. The Antitrust Division of the Justice Department D. Interstate Commerce Commission