Economic models are of limited use since they cannot be tested empirically.
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Q29: When two variables repeatedly change at the
Q30: Scarcity is the result of:
A)government decision making.
B)inappropriate
Q31: The fallacy of composition states that even
Q32: A hypothesis is a normative statement.
Q33: To be a positive economic statement, an
Q35: The problem of scarcity:
A)exists because resources are
Q36: The central question in economics is how
Q37: "A tax cut will lead to higher
Q38: Economics is most importantly concerned with:
A)how to
Q39: A normative statement is descriptive-it describes what
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