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.
d
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In Belgium, Norway, and Sweden, the percentage of workers who belong to unions is
a. almost zero. b. less than it is in the United States. c. about the same as it is in the United States. d. greater than it is in the United States.
Economists believe the Cost-Benefit Principle is:
A. a comprehensive description of all the factors that influence people's choices. B. an interesting intellectual exercise with little applicability to the real world. C. a simple but useful model of how people should make choices. D. of little use to those who wish to learn how to make better decisions.
The ________ affecting the supply of money is known as monetary policy.
A. Treasury Department B. Commerce Department C. Federal Reserve D. Congress
Money serves as ________
A) a unit of account B) a store of value C) a medium of exchange D) all of the above E) none of the above