The Collection and Use of Data to Test Economic Theories

question 94

Multiple Choice

The collection and use of data to test economic theories is

• A) empirical economics.
• B) descriptive economics.
• C) normative economics.
• D) positive economics.

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Definitions:

Patent

A government-granted exclusive right to make, use, or sell an invention for a certain period of years.

Copyrights

Exclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work.

Federal Government

A central governing authority that encompasses the system of political organizations authorized by a constitution to govern a nation or federation of states.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity, including balance sheet, income statement, etc.