A theory can best be defined as
a. an untested assertion of untested fact.
b. a collection of assumptions that simplify the real world.
c. an opinion of a reliable person who studies a subject or discipline.
d. a deliberate simplification of factual relationships that attempts to explain how those relationships work.
e. the body of knowledge that has been scientifically verified by the scientific community.
d
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The natural rate of unemployment is the desirable rate of unemployment for an economy
a. True b. False Indicate whether the statement is true or false
If Max's output per hour were 50 in 1994 and 60 in 1995, how much would his marginal productivity be in 1995?
A. 10 B. 50 C. 55 D. 60
The slope of a line is:
a) The vertical distance between the two points, divided by the horizontal distance between the two points. b) Sometimes referred to as "run over rise." c) The horizontal distance between the two points, divided by the vertical distance between the two points. d) Always positive.
Exhibit 8-10 Price and cost data for a firm Q P AVC ATC MC 0 $12 ? ? ? 1 12 3 5 5 2 12 5 6 7 3 12 7.3 8 12 4 12 9.5 10 16 In Exhibit 8-10, the maximum possible total profit is:
A. $36. B. $24. C. $12. D. $8.