What is meant by the term "scientific method"? What are the key components of the scientific method?
What will be an ideal response?
The scientific method is the name for the ongoing process that economists, social scientists, and natural scientists use to develop models of the world and test those models with data. The key components of the scientific method are:
a) Models: A simplified description, or representation, of reality.
b) Data: Facts, measurements, or statistics that describe the world.
c) Empirical evidence: A set of facts established by observation and measurement.
d) Hypothesis: Predictions that can be tested with data.
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Economic rent serves
A) a descriptive function by making some wealthier than others, but serves no allocative function. B) an allocative function by guiding available supplies to the most efficient use. C) only to make the rich richer and the poor poorer. D) no useful function in a modern economy.
Which of the following goods or services is most likely to have an elastic demand in the short run?
a. Electricity b. Gasoline c. Milk d. Toyota 4-Runner SUV
The mathematical result showing that a majority rule voting system will produce the outcome most preferred by the voter exactly in the middle of the distribution is called the
An increase in output would result in a rise in long-run average costs when there are
A) economies of scale. B) diseconomies to scale. C) constant returns to scale. D) the law of diminishing marginal product.