Which of the following statements is NOT true?
A. Economic theory often makes unrealistic assumptions.
B. Economists ignore details to focus on complex problems.
C. Abstraction is not an important part of economic analysis.
D. The word theory means different things to economists and to ordinary people.
Answer: C
You might also like to view...
Differences in innate skills and the benefits associated with the division of labor result in
A) diminishing returns. B) self-sufficiency. C) absolute advantage. D) differences in productivity.
Distinguish between physical capital and financial capital and give two examples of each
What will be an ideal response?
Which of the following is a barrier to entry?
a. Zoning laws preventing the establishment of new businesses in a certain area. b. The cost of buying a building in which to establish a new business. c. A sales-tax law. d. Inspection requirements for agricultural products.
The portion of US debt owned by the public (non-Federal Reserve)
A. continues to fall. B. rose from around 6% to around 12% as a result of the Great Recession. C. dropped from the 1940s through the 1970s, spiked in the 1980s, dropped in the 1990s and early-2000, and rose in the 2010s. D. dropped to an all-time low in 2015.