Which criterion is NOT useful when evaluating a theory?
A) It has predictive power.
B) It fits one's pre-conceived bias.
C) It offers a model consistent with investor behavior.
D) It explains actual data well.
B
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In the market for a pair of shoes, Jena is willing to pay $75 for a pair while Jane is willing to pay $85 for a pair. The actual price that each must pay for a pair of shoes is $65. What is the combined amount of consumer surplus of Jena and Jane?
A. $10 B. $20 C. $30 D. $160
If resources are used efficiently, then ________
A) marginal social cost is minimized B) consumer surplus plus producer surplus is maximized C) consumer surplus equals producer surplus D) producer surplus is maximized
A firm's average total cost is $80, its average variable cost is $75, and its output is 50 units. Its total fixed cost is
A) less than $100. B) between $100 and $200. C) between $200 and $300. D) more than $300.
Refer to Table 20-16. Looking at the table above, real wages ________ from 2014 to 2015, and real wages ________ from 2015 to 2016
A) rose; fell B) fell; fell C) fell; rose D) rose; rose