"The theory's predictions are consistent with what I believe, so now I have good reason to believe what the theory says." This statement is likely to have been made by a person who believes that
A) theories should be tested by gathering and analyzing data.
B) theories are descriptive of reality.
C) theories should be falsifiable or refutable.
D) b and c
E) none of the above
E
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The above figure shows the apartment rental market in Bigtown. If severe flooding resulted in the destruction of many of the city's apartment buildings, then the
A) supply curve of apartments would shift leftward and rent would rise above $750.00. B) demand curve for apartments would shift rightward and rent would rise above $750.00. C) equilibrium quantity of apartments rented would increase beyond 3,000. D) equilibrium market price of apartments rented would fall below $750.00.
Suppose there is a market that has market demand characterized as X = 30 - P/3. Suppose further that market supply can be written as X = P/2 - 2.
(A) Find the equilibrium price and quantity in this market. (B) If a unit tax of $16 is imposed on good X, what are the equilibrium price, quantity, and tax revenue in the market? (C) Suppose an ad valorem tax of 30 percent is imposed on good X. The after-tax demand equation would be X = 30 - P/2. Now find the equilibrium price, quantity, and tax revenue in the market. (D) What can be said about the amount of tax revenue generated under each taxing scheme, and why?
Productivity is ________
A) determined by central bank policy B) the combined effect of monetary and fiscal policy C) the residual component of the production function D) driven by changes in the rate of growth of output
During inflationary periods
a. all prices rise at the rate of inflation. b. real wages must necessarily decline. c. some prices may fall. d. relative prices do not change.