Which of the following statements is correct?
a. Economists almost always find it easy to conduct experiments in order to test their theories.
b. Economics is not a true science because economists are not usually allowed to conduct experiments to test their theories.
c. Economics is a social science rather than a true science because it cannot employ the scientific method.
d. Economists are usually not able to conduct experiments, so they must rely on natural experiments offered by history.
d
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In Figure 11.1, a decrease in consumer wealth is represented by a change in the consumption function from
A) to . B) C3 to C1. C) C2 to C1. D) C1 to C2.
The optimal amount of studying for the next exam is determined by comparing
a. total benefit and the total cost of studying. b. marginal benefit and the total cost of studying. c. marginal benefit and the marginal cost of studying. d. total benefit and the total cost of studying.
A dividend is the net income stockholders receive from the corporation
Indicate whether the statement is true or false
Which of the following represents the basic principle of public choice theory?
A. Politicians act consistently in the public's interest. B. Politicians follow their own self-interest and seek to maximize their reelection chances, rather than promote the best interests of society. C. Politicians act in the public interest once they are elected, but follow their own self-interest and seek to maximize their reelection chances during a political campaign. D. Politicians have an incentive to be cost-conscious and creative because they face the same type of profit motive as producers.