Please use the following statements to answer this question:
I. The process of testing and revising theories is central to the development of economics as a science.
II. Theory is imperfect and may not adequately describe economic behavior in some cases.
A) I and II are true.
B) I is true and II is false.
C) I is false and II is true.
D) I and II are false.
A
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What factors other than the wage rate influence the demand for labor? How is demand affected by changes in these factors?
What will be an ideal response?
Which of the following is NOT a major factor influencing exchange rates between two countries?
A. The relative economic growth rates of the two countries B. The relative interest rates in both countries C. The relative budget deficits as a percent of GDP in both countries D. The relative price levels of the two countries