Which of the following steps does an economist take when studying the economy?
a. devise theories
b. collect data
c. analyze data
d. All of the above are correct.
d
You might also like to view...
The above figure shows the market for steel ingots. An externality can be seen because
A) the social marginal cost exceeds the private marginal cost. B) the private marginal cost exceeds the social marginal cost. C) the optimal quantity of steel is zero. D) not enough steel gets produced by the competitive market.
In considering the criteria for an ideal voting system, the idea of an irrelevant alternative refers to:
A. when an option is added to a vote and is unrelated to the issue being voted on. B. different voting methods that could alternatively be used, but would not change the outcome. C. when an option is added to a vote and has no realistic chance of winning. D. different voting methods that could alternatively be used, and could change the outcome.