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.
Answer: D
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The benefits paid by the largest pension program in the United States are: a. not adjusted for changes in the price level
b. adjusted for changes in the price level. c. revised every five years. d. adjusted for changes in the nominal rate of interest. e. adjusted for changes in the real rate of interest.
Which of the following determines the maximum price a firm may charge for a particular quantity of output?
a. the firm's supply curve b. opportunity costs c. explicit and implicit costs of production d. the minimum point of the average total cost curve e. the demand curve facing the firm