Explain what it means to say that a theory is falsifiable or refutable? Give a specific example to help support your answer
To say that a theory is falsifiable or refutable means that evidence can go against the theory. For example, consider the theory that predicts that all dogs are brown. This theory is falsifiable or refutable because if dogs can be observed that are not brown, it is falsified or refuted.
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If the owners of a business are receiving total revenues just sufficient to cover all of their explicit and implicit costs, then they are:
A. earning a normal profit. B. doing better than their next best alternative. C. doing worse than their next best alternative. D. earning an economic loss.
A rise in the income tax rate will
A) raise the multiplier and raise equilibrium income. B) lower the multiplier and raise equilibrium income. C) raise the multiplier and lower equilibrium income. D) lower the multiplier and lower equilibrium income.
Draw a graph illustrating the relationship between the demand curve of the perfectly competitive firm and the perfectly competitive industry. Label all curves and axes correctly.
What will be an ideal response?
An increase in investment combined with a decrease in education would have an indeterminate effect on both short run and long run aggregate supply
a. True b. False Indicate whether the statement is true or false