A(n) ________ is a formal statement of a theory.
A. causal statement
B. positive statement
C. model
D. empirical measure
Answer: C
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Why does an efficient distribution of outputs among households occur in perfectly competitive markets?
What will be an ideal response?
If the firms in an industry represented 35%, 25%, 20%, 15%, and 5% of the market's total revenues, respectively, what would be the measure of the Herfindahl-Hirschman Index for this industry?
a. 2,500 b. 3,525 c. 7,725 d. 10,000
Research in the performance of developing nations with exchange rate pegs has shown that:
A) fixed exchange rates are 100% effective in curbing inflation and preventing hyperinflation. B) fixed exchange rates are 100% ineffective in curbing inflation and preventing hyperinflation. C) floating exchange rates are more effective in curbing inflation and preventing hyperinflation. D) fixed exchange rates are neither necessary nor sufficient to curb inflation and prevent hyperinflation.
The individual who brings together economic resources and assumes the risk in a capitalist economy is called the:
a. Stockbroker b. Entrepreneur c. Banker d. Manager