Which expression below matches most closely the way economists go about testing their models?
A) "Consistency is the hobgoblin of small minds."
B) "Seeing the results is the only way to know if you are right."
C) "A bird in the hand is worth two in the bush."
D) "In the long run, we are all dead."
Answer: B
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Production of Hollywood movies is an increasing cost industry. Which of the following contributes the most to this condition?
a. The demand for carpenters to build sets b. The demand for painters to paint the theaters c. The demand for printers to print tickets d. The cost of advertising for the shows e. The cost of hiring known box-office superstars
Which of the following does not determine the position and shape of a society's PPF?
a. physical resources b. price level c. skills and technology d. past construction of factories and research