A testable proposition that predicts how people will react to changed circumstances is called a hypothesis.
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Q16: To an economist, rational self-interest means that
Q17: If we choose more work we sacrifice
Q18: To an economist, individuals are acting "rationally"
Q19: One topic that microeconomics explores is how
Q20: Economists assume that most individuals act as
Q22: Theories and models are explanations of how
Q23: A positive statement is prescriptive-it prescribes what
Q24: Normative analysis focuses on statements that can
Q25: Which of the following forces us to
Q26: Scarcity exists for those with
A)lower incomes.
B)average incomes.
C)higher
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