An empirical analysis relies on _____ to test a theory.
A. common sense
B. ethical considerations
C. data
D. customs and conventions
Answer: C
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Economic profit equals total revenue minus total
A) explicit costs. B) opportunity costs. C) implicit costs. D) accounting costs. E) entrepreneur's costs.
The risk premium is
A) the amount by which the expected return on a risky asset exceeds the return on an otherwise comparable safe asset. B) a measure of the riskiness of the overall economy in a domestic country compared with a foreign country. C) the amount an investor must pay to insure his or her stock portfolio to protect against a fall in value. D) the amount an investment bank charges to guarantee an annuity that pays a fixed rate of return in the future.
In order for barter trades to occur, there must be a
a. singularity of interests. b. bargaining intermediary. c. double coincidence of wants. d. sufficient supply of cash.
In response to a shortage caused by the imposition of a binding price ceiling on a market,
a. price will no longer be the mechanism that rations scarce resources. b. long lines of buyers may develop. c. sellers could ration the good or service according to their own personal biases. d. All of the above are correct.