To be a positive economic statement, an assertion must be true
a. True
b. False
Indicate whether the statement is true or false
False
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The process by which economists test hypotheses against facts to develop theories, principles, and models is called
A. the economic perspective. B. the scientific method. C. policy economics. D. microeconomics.
As interest rates fall, the
A) promised payments of bonds fall. B) face values of bonds fall. C) price of bonds rises. D) price of bonds falls.
Both unemployment insurance and income taxes are examples of
a. economic cycle contributors b. macro consensus c. government regulation d. automatic stabilizers e. tax rates
Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer
a. $17 per hour. b. less than $17 per hour because some people would be willing to work for less. c. less than $17 an hour to prevent shirking. d. more than $17 per hour in order to attract a better pool of applicants.