A model's predictions are referred to as:
A) statistics.
B) theories.
C) hypotheses.
D) empirical evidences.
C
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While the demand for beer is relatively price inelastic, the price elasticity of demand for a particular brand is relatively high, due in large part to availability of close substitutes
Indicate whether the statement is true or false
Which of the following accounts for the highest percentage of health care dollar spending in the United States?
a. prescription drugs b. physician services c. program administration and net cost d. hospital care
Economists study perfect competition
a. because many markets are perfectly competitive. b. for its descriptive realism. c. to establish a benchmark by which to measure the performance of the economy. d. All of the above are correct.
In which of the following economic theories is it possible for an increase in the money supply to lead to a decrease in Real GDP in the short run?
A) Keynesian theory B) Monetarist theory C) New classical theory D) a and b E) a and c