The process by which economists test hypotheses against facts to develop theories, principles, and models is called
A. the economic perspective.
B. the scientific method.
C. policy economics.
D. microeconomics.
Answer: B. the scientific method.
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Everyone who is unemployed is covered and can receive benefits from unemployment insurance
Indicate whether the statement is true or false
Two countries with differing comparative advantages may engage in trade because
A. They will be able to consume more goods in total due to specialization and trade. B. They are required to because they are part of the World Trade Organization. C. They will achieve an absolute advantage with one another. D. They will be able to produce and consume goods on their production possibilities curves.
In exhibit 10-2, the equilibrium level of GDP is
What will be an ideal response?
The Standard and Poor's 500 Index measures prices of the 500:
A. most purchased consumer goods in the United States. B. stocks of the largest companies in the United States. C. largest bonds trading in the United States. D. largest index funds trading in the United States.