Which of the following statements is true of data?
A) Anecdotes work as good substitutes for data.
B) Data help in verifying causal relationships.
C) Data are not important to evaluate theories.
D) The less the available data, the better the analysis.
B
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One-third of the world's population live in China and India. How did the growth rate of these two countries compare with the growth of high income industrial countries during 1980-2009?
What will be an ideal response?
The United States' balance of payments is likely to improve when
A. there is an increase in political instability in other countries. B. American people want to invest more in foreign countries. C. the American government increases its spending on foreign aid. D. the inflation rate in the United States rises relative to other countries.
Always Round Tire finds that their demand curve is P = 50 ? .02 Q. What price and quantity combination will maximize the firm's revenue? What are the total revenue and price elasticity at this point?
What will be an ideal response?
Suppose that the DeBeers company faces very little competition from other firms in the wholesale diamond market. Why isn't the price of wholesale diamonds $10,000 per carat?
a. because the government would not allow such a high price b. because stockholders would not allow such a high price c. because the company would sell so few diamonds that it would earn higher profits by selling at a lower price d. All of the above are correct.