The collection and use of data to test economic theories is
A. empirical economics.
B. descriptive economics.
C. positive economics.
D. normative economics.
Answer: A
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In the United States
A) there are more households with incomes below the mean income than above the mean income. B) there are more households with incomes above the mean income than below the mean income. C) the mode income equals the mean income. D) the income distribution is bell shaped.
A major institution in international regulation is the
A) WTO. B) Federal Reserve. C) FDIC. D) TSA.
What assumption(s) is (are) necessary to generate a kinked demand curve?
a. all firms in the industry ignore the price changes made by any one firm b. any price decrease will be ignored but price increases will be followed c. all firms will follow a price decrease but will ignore any price increase d. all price changes made by any firm will be followed by all of the other firms e. price can increase, but not decrease
Which of the following is not an obstacle to development?
A. Overpopulation B. Excessive investment C. Political instability D. Corruption