In order to discover anything about causal relationships in economics we must first have
A) all the relevant data.
B) quantified data or statistics.
C) scientific evidence.
D) some kind of theory of how things fit together.
E) the courage and civility to eliminate all biases and preconceptions from our thinking.
D
You might also like to view...
Refer to the scenario above. If both firms operate to maximize profits, the:
A) total cost of production is minimized. B) total combined profits are minimized. C) marginal cost of both firms are minimized. D) marginal cost of both firms are maximized.
Which of the following best exemplifies why countries engage in international trade?
a. Epic Oil coerced the small island nation Lilliput to open its coastal waters for exploration. b. Northland exchanged cherries and apples with Southland, which grew oranges and mangoes. c. King Leo believed he had a duty to share his country’s wealth with neighboring states. d. Lower Doldra had to trade with Belladonia, the country that conquered and colonized it.
If the Lorenz curve becomes more outwardly bowed, it is also true that the number of families living in poverty:
A. must have risen. B. must have remained the same. C. could have risen or fallen. D. must have fallen.
Which of the following statements regarding the relationship between average and marginal costs is INCORRECT?
A. There is no way for average variable costs to fall when marginal costs are falling. B. When marginal costs are greater than average costs, the latter must rise. C. When marginal costs are less than average costs, the latter must fall. D. There is always a definite relationship between average and marginal cost.