Which of the following statements is true of the scientific method?
A) The scientific method may not reveal a "true" model of the world.
B) The scientific method does not require the models to be tested with data.
C) The scientific method used by economists and scientists is independent of empiricism.
D) The scientific method can help develop accurate models even when data are unavailable.
A
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When we calculate the price elasticity of demand, we use percentages of the average price and the average quantity in order to get the same value for the elasticity regardless of whether the price falls or rises
Indicate whether the statement is true or false
The market demand for wheat is Q = 100 - 2p + 1 , where is the price of barley. If the price of wheat is $2, the price elasticity of demand
A) equals (-4/46). B) equals (-46). C) equals (-1). D) cannot be calculated without more information.
If an unemployed person quits looking for work, then, eventually the unemployment rate
a. decreases, and the labor-force participation rate is unaffected. b. and the labor-force participation rate both decrease. c. is unaffected, and the labor-force participation rate decreases. d. and the labor-force participation rate are both unaffected.
Which of the following is most important for the achievement of higher income levels and living standards?
What will be an ideal response?