Albert’s idea about the buying preferences of low-income people in Chicago has been tested and accepted for the time being as accurate. It has become a(n) ______.
a. theory
b. hypothesis
c. correlation
d. assumption
a. theory
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The above table shows data on two variables. If these data were graphed, the slope of the line would be
A) 3/5. B) 3. C) 5/3. D) impossible to determine from the information given.
The principle that the opportunity cost increases as the production of one output expands along the production possibilities curve is the:
a. law of increasing opportunity costs. b. law of supply. c. law of demand. d. law of diminishing returns.
If the federal government balanced its budget, its tax revenues would be equal to its expenditures.
Answer the following statement true (T) or false (F)
Suppose that the cost of a loaf of bread in Zanadoo is 20 shillings, and this represents a full day's wages for the typical factory worker. The 20 shillings represents a ____ value while the loaf of bread costing a full day's wage represents a ____ value.
a) real; real b) nominal; nominal c) real; nominal d) nominal; real