Should economics be considered a science? Why or why not?
What will be an ideal response?
Yes. Economics uses models and theories to make predictions and then tests those predictions using empirical analysis.
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Recent research has shown that the first firm to enter a market often does not have a long-term advantage over later entrants into the market. An example that has been used to illustrate this is
A) Xerox, which became a generic term for making photocopies. B) McDonald's entry into the high-end coffee market. C) the introduction of the first ballpoint pen in 1945. D) Abercrombie and Fitch, which was the first clothing company to market to young men.
Assume that an additional $50,000 in benefits will be received each year if a town hires an additional police officer whose only job would be to catch drivers who drive over the speed limit on its only street. What must the additional cost of this
additional police officer be to make this hiring economically rational? What will be an ideal response?