Theories should be judged based upon how consistently and precisely they predict and how well they explain things
Indicate whether the statement is true or false
True
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What are the three main sets of factors that cause the supply and demand curves in the foreign exchange market to shift?
What will be an ideal response?
The price elasticity of demand for a linear demand curve follows the pattern (moving from high prices to low prices)
a. elastic, unit elastic, inelastic. b. unit elastic, inelastic, elastic. c. inelastic, unit elastic, elastic. d. elastic, inelastic, unit elastic.
The television network newscaster reports that the national inflation rate the past year equaled 4 percent. This report would be of particular interest to a
A. microeconomist. B. normative economist. C. macroeconomist. D. social science economist.
The ________ automatically distributes scarce goods.
A. laissez-faire economy B. command economy C. barter system D. price system