Economics is an empirical science, which means that economists
A. must use laboratory experiments to test their theories.
B. try to prove their models are true by referring to logic.
C. look for evidence to determine whether the model is useful or not.
D. evaluate a model or theory by whether its assumptions are consistent with the real world.
Answer: C
Economics
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If the tax is $500 on an income of $2,500, the income tax rate is
a. 20 percent b. 25 percent c. 10 percent d. 5 percent e. 50 percent
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