Economics is different from other disciplines like physics because:
A) economists do not use mathematical calculations to prove their theories.
B) economics is easier to study than physics.
C) economists must explain their theories to policy makers who lack formal mathematical training.
D) economists cannot easily control all the variables that might influence human behavior.
E) economists must prove their hypothesis based on normative analysis.
Correct Answer:
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Q41: The simple circular flow model shows that
Q42: The circular flow of economic activity is
Q43: Refer to the figure given below. Payments
Q44: Market failure occurs when
A)stock markets crash because
Q45: Government price controls:
A)undermine the market's ability to
Q47: A good economic theory:
A)must be based on
Q48: The simple circular flow model shows that:
A)firms
Q49: In a market system, one symptom of
Q50: The circular flow model shows that
A)households receive
Q51: An economic theory
A)always includes every detail that
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