Why is determining whether a hypothesis is acceptable more difficult in economics than in the natural sciences?
a. Unlike natural scientists, economists have to use laboratory settings for their tests.
b. Unlike natural scientists, economists cannot make broad assumptions about human behavior.
c. Unlike natural scientists, economists cannot easily control the variables that affect their subjects.
d. Unlike natural scientists, economists have to make abstractions more connected to reality.
c. Unlike natural scientists, economists cannot easily control the variables that affect their subjects.
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In the above figure, suppose the quantity produced is 40. Then
A) the marginal social cost of the 40th unit is $1. B) the willingness to pay for the 40th unit is $2, the equilibrium price. C) production is not efficient because MSB > MSC. D) production is not efficient because MSC>MSB.
Western expansion contributed to U.S. growth and development of the economy by
(a) privately mobilizing idle natural resources and land. (b) placing land in the hands of the public, with no private rights. (c) having government officials set land prices. (d) all of the above.
For a business, opportunity cost measures
A) only the cost of labor and materials. B) only the implicit costs of the business. C) the cost of all the factors of production the firm employs. D) only the explicit costs the firm must pay. E) all of the firm's costs including its normal profit and its economic profit.
Suppose than an economy has output Y = A , that Y equals $19 trillion, capital K is $27 trillion, and labor L is 125 million workers. Given this information, what is the closest approximation of total factor productivity A?
A) less than 0.01 B) around 0.25 C) roughly 0.33 D) close to 0.4 E) exactly 144