Which of the following statements applies to economics, as well as to other sciences such as physics?
a. Experiments are considered valid only when they are conducted in a laboratory.
b. Good theories do not need to be tested.
c. Real-world observations often lead to theories.
d. Economics, as well as other sciences, is concerned primarily with abstract concepts.
c
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Deciding how a society's products are distributed among its citizens answers the economic question of
A) how will the products be produced. B) where will the products be consumed. C) what products will be produced. D) who consumes the products produced.
Use the following table to answer the question below. Price per UnitQuantity Demanded per YearQuantity Supplied per Year$52,0000101,800300151,600600201,400900251,2001,200301,0001,500There will be a shortage whenever the price is
A. higher than $25. B. equals $25. C. higher than $30. D. lower than $25.