A difference between biology and economics is that
A) economists use models and biologists use theories.
B) biologists often use laboratory experiments and economists do less often.
C) economics explains events while biology predict events.
D) biologists use the scientific method while economists do not.
Answer: B
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Refer to the indifference curve in Figure 3.3. Which of the following statements about marginal utility (MU) is correct?
A) MU(A) = 0. B) MU(B) = 0. C) MU(A) is negative. D) MU(B) is negative.
Activists believe that
a. discretionary changes in macroeconomic policy can help smooth the ups and downs of the business cycle. b. balancing the federal budget is of primary importance to economic stability. c. the economy's self-correcting mechanism, if not stifled by perverse policies, will prevent prolonged periods of high unemployment. d. the M1 money supply should be increased at a steady annual rate.