A difference between biology and economics is that
A. economists use models and biologists use theories.
B. economics explains events while biology predict events.
C. biologists often use laboratory experiments and economists do less often.
D. biologists use the scientific method while economists do not.
Answer: C
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Suppose that an increase in oil prices causes the supply curve of gasoline to shift. Using a graph, illustrate the resulting changes in equilibrium price and quantity in both the short run and the long run.
What will be an ideal response?
If an import-competing firm is imperfectly competitive, than under free trade an import quota will ________ domestic market price, ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic
national welfare. A) increase; increase; decrease; have no effect on; decrease B) decrease; decrease; increase; decrease; have no effect on C) increase; have no effect on; decrease; increase; decrease D) decrease; increase; decrease; increase; decrease E) have no effect on; have no effect on; decrease; increase; decrease
Which of the following policies are likely to increase national savings?
a. running larger government budget deficits. b. decreasing taxes on stock dividends. c. reducing taxes on consumption. d. having to pay higher interest rates on the national debt. e. none of the above.
One of the characteristics of an oligopoly is
A) many sellers. B) easy entry. C) interdependence in decision making. D) the use of patents to protect market share.