One reason economists have difficulty applying the scientific method is because:
A. the scientific method does not apply to economics.
B. economic conditions are constant.
C. people are involved, and their behavior is entirely unpredictable.
D. controlled laboratory experiments are often infeasible and sometimes impossible.
Answer: D
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A. smaller; larger B. larger; smaller C. larger; larger D. smaller; smaller
In an Edgeworth box, all points of efficiency occur at the
A) intersections of the indifference curves. B) the points of tangency between the sets of indifference curves. C) in the midpoint of the diagram. D) at any point other than the intersections of the indifference curves.
Socialism
What will be an ideal response?
The terms of trade between two goods depend on:
A. Which country has an absolute advantage in the good. B. Negotiations by the Federal Reserve. C. Each country's domestic opportunity costs. D. Which country pays the transportation costs.