Why is economics called an empirical science?
A) because economics has been used to both create and destroy empires
B) because economics uses impressions to evaluate the usefulness of its models
C) because economics relies on real-world data to determine the usefulness of a model
D) because economics utilizes intuition rather than data to evaluate a model's worth
C
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According to the text, studies of 18th century colonial demographics indicate that, compared to Europe,
a. the birthrate in the colonies was lower. b. women in the colonies tended to marry later in life. c. the child mortality rate in the colonies was lower. d. average life expectancy for males in the colonies was lower. e. All of the above.
The greater the number of firms in a colluding oligopoly, the ________ the gain from undercutting the monopoly price and the ________ the potential future loss from a price war.
A. smaller; smaller B. smaller; larger C. larger; larger D. larger; smaller