“Bad theories are abstract and therefore unrealistic; good theories are fully realistic and fit all the facts.” Evaluate
Please provide the best answer for the statement.
While some abstract theories are bad, that certainly does not have to be true. Most good theories are generalizations or predictions about human economic behavior and will not be true in every situation, and thus will not fit all the facts all of the time. A good theory is based on observable behavior and will generally explain or predict correctly.
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Consumer groups tend to lobby for
A) price floors. B) price ceilings. C) quantity quotas. D) taxes.
Offshoring refers to the the process in which: a. a firm hires laborers from a foreign market
b. a firm purchases service from another firm. c. a firm purchases service from another firm in another country. d. workers of a particular country seek employment in a firm of a foreign country. e. the government of a country works toward providing social security and other rights to migrant workers.