Which of the following is a feature of the scientific method?
A) The scientific method is not based on data, statistics, or measurements.
B) The scientific method allows improvisation and correction of inconsistent models.
C) The scientific method enables the creation of perfectly accurate models of the real world.
D) The scientific method is used only for studying topics related to economics.
B
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Because the personal income tax is an automatic stabilizer,
a. inflationary gaps are impossible. b. the budget deficit grows during a recession. c. the deficit needed to cure a recessionary gap increases. d. the structural deficit grows during a recession. e. All of the above are correct.
Geometrically, marginal cost at any level of output may be interpreted as the slope of
A. the total cost curve at that level of output. B. the average variable cost curve at that level of output. C. a ray to the total cost curve at that level of output. D. the isoquant at that level of output.
Profit maximization requires that
A. equal amounts of each input are employed. B. the amount of one input hired divided by the amount of another input hired equals the total costs of the first input hired divided by the total costs of the second input. C. the marginal factor cost of every input equals that input's marginal physical product. D. the marginal factor cost of every input equals that input's marginal revenue product.
The way in which a corporation is structured and the impact a corporation's structure has on the firm's behavior is referred to as
A) corporate taxation. B) structure composition theory. C) structural behavior. D) corporate governance.