What branch of economics involves the collection and use of data to test economic theories? Why is this task often more difficult in economics than it is in physical sciences?
What will be an ideal response?
The branch of economics that involves the collection and use of data to test economic theories is called empirical economics. This is often more difficult in economics than in the physical sciences because economists rarely are able to set up controlled experiments.
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If the natural unemployment rate is 5 percent, the actual unemployment rate is 8 percent, and potential GDP is $15 trillion, then according to Okun's Law, real GDP is
A) $13.8 trillion. B) $15.9 trillion. C) $13.05 trillion. D) $14.25 trillion. E) $14.1 trillion.
Tom's marginal utility from a Sobe exceeds his marginal utility of crackers. Therefore, his total utility of Sobe must exceed his total utility of crackers
Indicate whether the statement is true or false