The testing of economic models facilitates
A) proving a model is false.
B) proving a model is true.
C) proving that one person's opinion is morally incorrect.
D) proving that one society's legal structure is better than another country's.
A
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Why is it that people who have to fly at a moment's notice often pay some of the highest air fares whereas people who wait until the last minute to buy a ticket to a live performance of play may be able to get a better price than someone who bought
their ticket months in advance.
Refer to Figure 4-1. If the market price is $1.00, what is the maximum number of burritos that Arnold will buy?
A) 1 B) 2 C) 3 D) 4
Imagine you own an ice cream store in New York City. Unpredictable inflation hurts your business because:
In 2012, the number of people living in the world on less than $1.90 a day was:
A. roughly 13% of the world's population. B. just over a quarter of the world's population. C. just over a fifth of the world's population. D. just under 10 percent of the world's population.