Which of the following statements is true?
A) Models help economists to explain the past, but do not help in predicting the future.
B) The scientific method used by economists is based on idealism and not empiricism.
C) Testing with data enables economists to distinguish between good models and bad models.
D) Models that economists use are perfect replicas of reality.
C
Economics
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On a diagram of a production possibilities frontier, opportunity cost is represented by the production possibilities frontier shifting outward
Indicate whether the statement is true or false
Economics
Using the annuity rule, an annuity that pays $10 annually has a present value of $200 if the market interest rate is:
A. 20 percent. B. 10 percent. C. 5 percent. D. 15 percent.
Economics