Which of the following is true?
A. The bible for the classical economists was Adam Smith's The Wealth of Nations.
B. Keynes believed that the problem during recessions was inadequate aggregate demand.
C. Say's law states that supply creates its own demand.
D. All of the statements are true.
D. All of the statements are true.
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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.
When marginal product is decreasing, marginal cost is
a. less than zero b. equal to zero c. constant d. decreasing e. increasing
A country is moderately outward-oriented if there are relatively high import-substitution restrictions
a. True b. False Indicate whether the statement is true or false
What does unitary elastic demand mean?
What will be an ideal response?