Define the concept used in economics known as Ockham's Razor

What will be an ideal response?


Ockham's Razor is the principle that irrelevant data should be cut away.

Economics

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Capital flows between countries are smaller than in past decades in absolute terms

Indicate whether the statement is true or false

Economics

Refer to the above table. Suppose the price of X increases from $10 to $12. What is the cross price elasticity of demand between X and Y?

A) -1.833 B) +0.545 C) +0.579 D) +1.833

Economics

Which of the following can create demand-pull inflation?

a. Excessive aggregate spending. b. Sharply rising oil prices. c. Higher labor costs. d. Recessions and depressions.

Economics

An example of a barrier to entry is

a. patent law b. government regulations c. cost of advertising d. economies of scale e. all of the above

Economics