Facts serve to sort out good and bad hypotheses
Explain the statement: “Facts serve to sort out good and bad hypotheses.”?
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To test a hypothesis, economists must subject it to systematic and repeated comparison with relevant facts. If real-world data confirm the hypothesis repeatedly, we have a good theory, otherwise it must be discarded and a new hypothesis developed.
Transaction costs tend to be decreased and markets are more efficient when: (w) the government subsidizes a good. (x) inter-market price differentials are eliminated through arbitrage. (y) taxes are used to give for social wants. (z) regulations close
Explain: “Affluence tomorrow requires sacrifice today.”
Describe the Euro?
Distinguish between Individual as well a market demand?
Explain: “Goods and services are scarce because resources are scarce.” Analyze: “It is the nature of all economic problems that absolute solutions are denied us.”
Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
The initial “professional” university professors who taught economic concepts like academic subjects, those were: (1) cosmologists. (2) moral philosophers. (3) socio-biologists. (4) natural historians (5) logicians. (6) mathematicians. (7)
Briefly explain the term Operating Leverage?
Describe the Promoting stability?
Explain how, if at all, each of the following affects the location of the production possibilities curve?
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