Which of the following is not a part of the scientific method in economics?
a. normative statements
b. comparing predictions to evidence
c. formulating a hypothesis
d. a hypothesis
e. behavioral assumptions
A
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When discussing the CPI, the term "commodity substitution bias" refers to changes in
A) prices that lead business to change the items they buy. B) quantities that lead households to change the items they buy. C) prices that lead households to change the items they buy. D) income that lead households to change the items they buy. E) stores so that consumers switch from one store to another.
A minimum wage set at the competitive market wage level affects the monopsonist by
A) altering its marginal expenditure curve and raising its employment level. B) reducing its output. C) altering the market supply curve. D) altering its marginal expenditure curve and lowering its employment level.