Empiricism is analysis that uses ________ to test theories
A) data B) illustrations C) value judgments D) philosophy
A
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In the above figure, ________ will shift in the demand curve from D to D1
A) an increase in income if pizza is an inferior good B) a decrease in the price of a sub sandwich, a substitute for pizza C) buyers' expectation that pizza will be less expensive next week D) a scientific article published that demonstrates eating pizza is good for one's health E) a fall in the cost of producing pizza
Classical economic theory predicted that in the long run the economy would experience:
a. below full unemployment. b. rising rate of inflation. c. full employment. d. idle factors of production.
In the absence of environmental protection laws, firms pollute because:
A. business owners do not believe that pollution is a problem. B. controlling emissions costs money, thereby reducing profits. C. business owners follow different norms than do environmentalists. D. the cost pollution imposes on society is small relative to the cost of reducing pollution.
A citizen in a developing country with a currency policy of convertibility on the current account could engage in all of the following transactions except:
A. sell foreign currency resulting from the exports of manufactured t-shirts. B. sell foreign currency resulting from the sale of a U.S. treasury bond. C. purchase foreign currency in order to import a BMW. D. purchase foreign currency in order to purchase a U.S. treasury bond.