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.
Answer: D
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Marginal utility is negative when total utility is increasing
a. True b. False Indicate whether the statement is true or false
If the government is successful in cutting the economic pie into more equal slices, than it is quite possible that a. the pie gets larger
b. the pie gets smaller. c. it increases the reward for working hard, resulting in people producing more goods and services. d. none of the above.