The scientific method is:
A. not applicable to economics because economics deals with human beings.
B. also known as the economic perspective.
C. analysis that moves from broad generalizations called laws to theories and then to hypotheses.
D. used by economists and other social scientists, as well as by physical scientists and life scientists, to formulate and test hypotheses.
Ans: D. used by economists and other social scientists, as well as by physical scientists and life scientists, to formulate and test hypotheses.
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Which of the following is emphasized by supply-side economics?
A. the effect of budget deficits on interest rates and aggregate demand B. the effect of government spending on aggregate demand, output, and employment C. the effect of marginal tax rates on aggregate supply D. the effect of budget deficits on the rate of taxation in the future
Which of the following is a valid effect of monopoly power?
A. Desirable effects on the distribution of wealth B. Efficient resource allocation C. Fostering of innovation D. Obstacle to efficiency