An economic theory:
A) should be as detailed as possible in order to model the complexity of an economy.
B) is an abstraction from reality.
C) is only useful if it is based on assumptions and mathematical calculations.
D) should be based on observable facts and events
E) is based on controlled experimentation
Correct Answer:
Verified
Q50: The circular flow model shows that
A)households receive
Q51: An economic theory
A)always includes every detail that
Q52: In a market system, decisions about how
Q53: A decrease in the price of corn
Q54: An economic theory is tested by:
A)assessing the
Q56: An economic hypothesis:
A)can be tested using empirical
Q57: A hypothesis is a:
A)normative economic statement
B)testable proposition.
C)statement
Q58: Refer to the figure given below. Goods
Q59: The circular flow model indicates that:
A)households demand
Q60: Which of the following serves as the
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