The scientific method, on which economics rely, consists of several elements, including: (check all that apply)
a. observing real-world behavior and outcomes and formulating a law based on said observations
b. continuing to test the hypothesis against facts.
c. observing real-world behavior and outcomes and formulating a hypothesis based on said observations
d. accepting, rejecting, and adjusting a hypothesis.
b. continuing to test the hypothesis against facts.
c. observing real-world behavior and outcomes and formulating a hypothesis based on said observations
d. accepting, rejecting, and adjusting a hypothesis.
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One reason why the lowest wage rate is not necessarily the same as the efficiency wage is that workers might:
A. Be more productive at a higher wage rate B. Have more incentive to shirk at higher wage rates C. Be tempted to switch jobs more frequently at higher wage rates D. Be less inclined to work well at a higher wage rate
Net exports is equal to
A. total imports minus total exports. B. total exports minus total imports. C. total exports minus transfer payments. D. total exports adjusted for price changes.