Part of the Internal Consistency of a Theory Is

question 23

Multiple Choice

Part of the internal consistency of a theory is

• A)a taxonomy.
• B)a set of operational definitions.
• C)its agreement with older,more established theories.
• D)its empirical validity.

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Definitions:

U.S. Imports

Goods and services purchased by residents of the United States that are produced in and brought from other countries.

Long-Run Effect

The ultimate impact of economic policies or market changes, characterized by all inputs and outputs being variable and firms fully adjusting to new conditions.

Tariff on Imports

A levy placed on imported goods and services by a government to shield local industries from overseas competition.

Total Output

The complete quantity of goods or services produced by a company, sector, or economy within a specific timeframe.