What is meant by saying that economics is an empirical science?
A. Economic theories will be tested by seeing how well they correspond to real-world phenomena.
B. Economic theories will be tested by seeing how well they correspond to people's declared preferences.
C. Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision.
D. Economic theories cannot be tested because economic variables change too quickly.
Answer: A
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According to the Application, Singapore requires workers who are under 50 years of age to save ________ percent of their earnings, with employers contributing another ________ percent
A) 50; 30 B) 20; 15.5 C) 10; 10 D) 40; 20
With respect to prices, at the macroeconomic level attention is focused on relative prices, while at the microeconomic level attention is focused on absolute prices
Indicate whether the statement is true or false
Exhibit 2.2 shows that healthcare spending rose from 12.5% in 2000
A. to 21.5% in 2016. B. to 17.2% in 2016. C. to 13.8% in 2016. D. to 12.8% in 2016.
Among the following cases, which one would be considered to be unemployed? Someone who
A. worked three days in the last month but is now out of work. B. is ready, willing, and able to work, but gave up looking for work three months ago. C. reported to the state employment office last week but is not very enthusiastic about finding a job.