Refer to Scenario 1.2 below to answer the question(s) that follow.SCENARIO 1.2: A scientist wants to understand the relationship between automobile emissions and the level of global warming. The scientist collects data on the volume of automobile emissions and the levels of global warming over time. The scientist concludes that a 1% increase in automobile emissions causes a 0.0003% increase in average global temperatures. From this information he concludes that the automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures.Refer to Scenario 1.2. A graph of the volume of automobile emissions on one axis and the level of average global temperatures on the other axis is an example of
A. an economic theory.
B. a variable theory.
C. inductive reasoning.
D. an economic model.
Answer: D
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Adverse selection refers to the
A) use of statistical discrimination in making loans. B) possession of information by one party in a financial transaction not known by the other party. C) likelihood that a potential borrower may use the funds that he receives for unworthy, high risk projects. D) possibility that the borrower may engage in riskier behavior after the loan is obtained.
It is perfectly legitimate for the United States to pass laws requiring that all food products or cars sold in the United States meet certain safety standards approved by the United States government as long as they have some ___________ basis.
a. environmental b. scientific c. political d. subjective
The short-run average cost curve shows the lowest possible average cost corresponding to each output level, assuming that all inputs are variable
a. True b. False Indicate whether the statement is true or false
Suppose a firm in a competitive market produces and sells 8 units of output and has a marginal revenue of $8 . What would be the firm's marginal revenue if it instead produced and sold 4 units of output?
a. $2 b. $8 c. $32 d. $64