We assume an upward sloping supply curve because:
A. the income effect tends to dominate labor-supply decisions in the real world.
B. it makes better theoretical sense that the price effect would dominate.
C. it makes better theoretical sense that the income effect would dominate.
D. the price effect tends to dominate labor-supply decisions in the real world.
D. the price effect tends to dominate labor-supply decisions in the real world.
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In examining incomes of free southerners prior to the Civil War, Walton and Rockoff conclude that, compared with northerners, free southerners were ______
a. at least 50% poorer than northerners. b. far richer than northerners, except in the old South. c. doing fairly well, even in the old South. d. far richer than northerners but a downward trend was noticeable.
If a theory can predict those things that you should observe if it is right and can also predict those things that you should observe if it is wrong, it is said to have the virtue of falsifiability
Indicate whether the statement is true or false