Because It Is Difficult for Economists to Use Experiments to Generate

question 72

Multiple Choice

Because it is difficult for economists to use experiments to generate data,they generally must

• A)do without data.
• B)substitute assumptions for data when data are unavailable.
• C)rely upon hypothetical data that were previously concocted by other economists.
• D)use whatever data the world gives them.

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Definitions:

Mitigate Damages

The legal principle requiring a party suffering loss to take reasonable action to minimize the amount of the loss.

Wrongful Dismissal

The termination of an employee's contract of employment in violation of the contract or statutory law.

Senior Management

The highest level of executives and managers in an organization who are responsible for its overall operations and strategy.

Implied Repudiation

A situation where one party's actions or statements indicate an intention not to fulfill contractual obligations, thus leading to a breach of contract.