In judging the value of a theory,the most important criteria is:
A) how realistic or valid the assumptions of the theory are as compared to real world circumstances.
B) how well the theory predicts that which it is designed to predict.
C) how well the theory builds upon the theorists' experiences.
D) how simple the theory is for the average people to understand.
Correct Answer:
Verified
Q14: Which of the following is an example
Q15: Macroeconomics deals primarily with:
A)aggregate economic factors.
B)the behavior
Q16: Value judgments:
A)always produce predictable results.
B)are subjective opinions
Q17: Which of the following is generally considered
Q18: Consider the following theory: the more one
Q20: Microeconomics is also known as price theory
Q21: In microeconomics,the term price generally refers to
Q22: The relative price of a good:
A)is always
Q23: What would be the impact on the
Q24: The assumption of rationality implies that market
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