According to the text, which of the following is true?
A) Scientists can prove a hypothesis is true.
B) Scientists can show that a hypothesis is false.
C) Economists really don't try to use the scientific method.
D) None of the above is true.
Ans: B) Scientists can show that a hypothesis is false.
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In general, production possibilities curves are "bowed out" because:
A) it's wasteful to produce too much of any one good. B) people generally prefer to consume goods in appropriate combinations. C) of the law of increasing opportunity cost. D) of the law of demand.
"When economies experience high levels of inflation, the ability of money to act as a unit of account diminishes, and it becomes harder to make decisions." Which of the following costs of inflation does this statement describe?
a. Menu costs b. Shoe-leather costs c. Unit-of-account costs d. Time costs