A Japanese television sells for ¥100,000 and a dollar is equal to ¥100. What is the dollar price of the television?
A) $1000
B) $99,900
C) $10,000,000
D) $100,100
A
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The purpose of a production possibilities graph is to:
a) enable a country to mobilize to win a war b) keep an economy from having nonproductive workers c) show alternative ways to use an economy's resources d) make it possible to increase an economy's output
What is meant by saying that economics is an empirical science?
A) Economic theories will be tested by seeing how well they correspond to people's declared preferences. B) Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision. C) Economic theories cannot be tested because economic variables change too quickly. D) Economic theories will be tested by seeing how well they correspond to real-world phenomena.