"Since the social sciences are not like the natural sciences, experiments are a waste of time." Comment on the above statement.
What will be an ideal response?
It is true that social sciences are not the same as natural sciences. Experiments have been
used successfully to tell us more about the world we live in. There are limits that social
scientists should be aware of, but to dismiss the use of experimental analysis entirely would be incorrect.
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In economic theory, transaction costs refer to
A) fees charged by brokers, traders, or other agents rather than by principals. B) costs attributable to the operations of middlemen. C) costs of arranging and carrying out voluntary exchanges. D) costs of obtaining customers or of marketing a product. E) costs not borne by the persons creating them.
When a firm makes zero economic profit, it means that: a. the firm is covering implicit costs alone
b. the firm is covering the total opportunity costs of its resources. c. the firm is covering explicit costs alone. d. the firm is running at an accounting loss.
If both Canadian exporters and importers are content with the Canadian exchange rate, what would keep them content tomorrow?
a. a stronger Canadian dollar b. a weaker Canadian dollar c. appreciation of the Canadian exchange rate d. depreciation of the Canadian exchange rate e. no change in the Canadian exchange rate
When medical fee schedules are negotiated by two monopolists—one representing patients and one representing providers—the equilibrium medical fees will:
a. be less than fees determined by patient groups alone. b. be greater than fees determined by provider groups alone. c. depend on the relative bargaining strengths of the two groups negotiating the fee schedule. d. be less than fees determined in a competitive market. e. be greater than fees determined in a competitive market.