The collection and use of data to test economic theories is
A. normative economics.
B. descriptive economics.
C. positive economics.
D. empirical economics.
Answer: D
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In an open economy with a given level of real interest rates and risk, an increase in real interest rates abroad will ________ capital inflows and ________ the equilibrium domestic real interest rate.
A. increase; decrease B. increase; increase C. decrease; increase D. decrease; decrease
Refer to the above figure. At a price of four cents, the quantity of bubble gum supplied will be
A) 3. B) 2. C) 4. D) 5.
If a monopolistically competitive firm's demand curve is shifting left, it will stop shifting when:
A. firms are positive but not large economic profit. B. the firm is earning negative economic profit. C. the firm is earning zero economic profit. D. price falls to marginal cost.
Government regulation of monopoly
a. separates monopoly pricing from monopolies b. is undesirable when there is a natural monopoly c. cannot be done when there are monopoly profits d. is unnecessary when economies of scale exist e. will result in economic profits to the regulated firm