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