Significant that economics is not a laboratory science
Why is it significant that economics is not a laboratory science? What problems may be evolved in deriving and applying economic principles?
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Because the world of reality is cluttered with innumerable interrelated facts, researchers must be highly selective in gathering information. They must determine which facts are relevant to the problem under consideration. But even when this sorting process is complete, the relevant information may at first seem random and unrelated.
The economist seeks principles—generalizations about the way individuals and institutions behave. Deriving principles is called theoretical economics or economic analysis. The role of economic theorizing or economic analysis is to systematically arrange facts, interpret them, and generalize from them.
What are the scientific method that Economists use to establish theories, laws, and principles?
What do you mean by inflation
Use the circular flow model to confirm this assertion for a 2% reduction in the Federal corporate income tax.
Utilitarianism proposes such that the finest society is one which gives the: (w) fundamental goods to meet people’s requirements. (x) greatest happiness for the maximum number of people. (y) exact measurement of utility and disutility. (d) highe
Define cyclical fluctuations?
An important drawback of "traditional yield spread analysis" is the "failure to take into account future interest rate volatility that would affect the expected cash flow" of a fixed income security. How does option adjusted spread analysis correct for the "failure" of traditional yield spread analy
Briefly explain the term Earnings per share (or EPS)?
Adam Smith’s perception which self-interested motives underpin even charitable activities through apparently selfless people appeared originally into his primary major book that was entitled: (1) Theory of Moral Sentiments [1755]. (2) Leviathan
Question: Do raising tax rates necessarily raise tax revenue? What factors affect how tax revenue changes when tax rates change? Using the 'human capital' investment model,
Explain the markets and prices of the Market System?
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