Empiricism refers to the process of:
A) making choices using values and beliefs. B) measuring variables.
C) testing ideas using data. D) collecting and organizing data.
C
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Positive analysis:
A. determines whether the consequences of a policy are desirable. B. recommends whether a policy should be implemented. C. aims at determining only the economic consequences of a particular policy. D. depends on the analyst's values.
If a firm increases its output and its average cost decreases, the firm is experiencing which of the following?
A) increasing marginal returns B) diseconomies of scale C) economies of scale D) random luck E) decreasing cost of marginal returns
What is meant by "tax incidence"?
What will be an ideal response?
A manager invests $400,000 in a technology that should reduce the overall costs of production. The company managed to reduce their cost per unit from $2 to $1.85 . This affects
a. Economic profits b. Accounting profits c. Both a and b d. None of the above