The Usual Purpose of an Experiment Is to

question 65

Multiple Choice

The usual purpose of an experiment is to

• A) test a model that is based on a hypothesis.
• B) turn a hypothesis into a theory.
• C) observe an interesting phenomenon.
• D) construct a model based on a hypothesis.
• E) formulate a hypothesis that explains a phenomenon.

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Definitions:

Factor Endowments

The quantities of various resources a country possesses, which can affect its comparative advantage in international trade.

Free-Trade Theories

Economic theories advocating for the elimination of barriers to the exchange of goods and services between nations, to encourage trade and economic growth.

Mercantilism

A trade theory which suggests that trade generates wealth for a country with a trade surplus, with emphasis on colonization and military conquest.

Interventionist Trade Theory

A theory suggesting that government intervention in international trade through policies and regulations is necessary to correct market failures and protect domestic industries.