BNAD 301 Exam with Updates Questions and Answers

BNAD 301 Exam with Updates Questions and Answers Astrology is not a science, according to current ideas, because ANSWER Astrologers make no systematic attempt to test its predictions Since chemists and economists are scientists, they try to produce accurate theories about the world. In these efforts, the economist has one potential advantage: ANSWER She has insight into human behavior, because she is human. Based on the discussion in class, which science has the most similarities with economics? ANSWER Meteorology. Which statement is an example of positive ("scientific") economics? ANSWER Raising tariffs will reduce economic growth Which statement is an example of normative economics? ANSWER The federal budget should be balanced Estragon and Vladimir are considering entering a business partnership but disagree about the terms. They are considering four possible partnership contracts: A, B, C, D. If they adopt contract A, then Estragon will gain $10 and Vladimir will gain $5, etc., as specified in the answers below. If Estragon and Vladimir adopt the normative standard of the Nash Bargaining Solution, then which contract will they choose? ANSWER Contract A: Estragon gains $10 and Vladimir gains $5.