Like the physical and life sciences, as well as other social sciences, economics relies on the ___________ method.
Fill in the blank(s) with the appropriate word(s).
scientific
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Which of the following factors would indicate a less elastic demand?
A. The good represents a large fraction of the budget. B. Demand is measured over a longer period of time. C. There are few substitutes. D. The price of the good is high.
Which of the following is not a reason why firms pay efficiency wages?
A. to reduce turnovers B. to abide by minimum wage laws C. to reduce shirking of work D. to improve morale
Higher income countries tend to collect _____________ as a percentage of their GDP than do low-income countries.
A. greater tax revenues B. smaller tax revenues C. about the same in tax revenues D. There is really no correlation between a country's wealth and the tax revenues it generates.
Suppose that a new drug has been approved to treat a life-threatening disease. The demand for that drug is shown on the accompanying graph. Prior to approval of this drug, the only treatment for this condition was any one of several non-prescription, or over-the-counter, pain relievers. The demand for one brand of the several non-prescription pain relievers is also shown on the graph.
If the manufacturer of the new drug chose to increase its price from $30 to $35, consumers would buy ________ doses, and have ________ total expenditures.
A. more; lower B. fewer; higher C. more; higher D. fewer; lower