The scientific method is useful
a. only in fields of science such as chemistry and physics
b. for testing the validity of theoretical predictions
c. for testing the validity of a model's assumptions
d. when no economic variables can be assumed to be constant
e. only if a theory has been proven to be true
B
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If five firms of similar sizes join to form a cartel, then it is most likely that
A) they will charge a common, lower market price. B) they will collectively produce less than before. C) all five firms will earn the same profits as before. D) all five firms as a group will have falling profits, but increased output.
In a Mexican factory, each worker can produce 1/8 of a vase or 1/16 of a statue per hour. If there are 400 workers at the factory, the maximum number of vases that could be produced in one hour is
a. 400 b. 25 c. 50 d. 100 e. 80
The creation of the Social Security program caused a decrease in the labor force participation rate.
Answer the following statement true (T) or false (F)
Recall the Application about running a software programming business to answer the following question(s).The current income you would sacrifice to start your own software development business is part of the:
A. opportunity cost of invested funds. B. opportunity cost of starting a business. C. cost of doing business. D. present value of your initial investment.