The scientific method, on which economics rely, consists of several elements, including: (check all that apply)
a. observing real-world behavior and outcomes and formulating a law based on said observations
b. continuing to test the hypothesis against facts.
c. observing real-world behavior and outcomes and formulating a hypothesis based on said observations
d. accepting, rejecting, and adjusting a hypothesis.
b. continuing to test the hypothesis against facts.
c. observing real-world behavior and outcomes and formulating a hypothesis based on said observations
d. accepting, rejecting, and adjusting a hypothesis.
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Let "C = Ca + by" define the consumption function. The term "b" is known as
A) autonomous consumption. B) induced consumption. C) the marginal propensity to save. D) the marginal propensity to consume.
Which is NOT an advantage of emissions fees over standards?
A) Fees can give a firm the incentive to reduce emissions below the standard when new technology allows. B) Fees can reduce the cost of attaining some goal level of emissions when firms all have the same abatement costs. C) Fees can reduce the cost of attaining some goal level of emissions when firms have different abatement costs and different standards can be assigned to different firms. D) Fees can reduce the cost of attaining some goal level of emissions when firms have different abatement costs and different standards cannot be assigned to different firms. E) Fees may provide an incentive for a firm to investigate emissions-reduction technology that will reduce emissions below existing standards.
A change in the required reserve ratio changes: a. the amount of actual reserves in the banking system
b. the amount of excess reserves in the banking system. c. the value of government securities held by the Fed. d. the level of insurance for banks who are members of the FDIC.
If real consumption spending increases by $400 billion each time real disposable income rises by $1,000 billion, the marginal propensity to consume is
a. 40 b. 4 c. 0.4 d. 0.04 e. 0.004