Which of the following best describes the difference(s) between a model and a theory?
a. A theory is a more abstract representation, while a model is more applied or empirical representation.
b. A model is a more abstract representation, while a theory is more applied or empirical representation.
c. Theories are used to test models.
d. Models have been proven, but theories are still being investigated.
a. A theory is a more abstract representation, while a model is more applied or empirical representation.
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The money multiplier is
A) simply one over the required reserve percentage. B) the relationship between bonds and money. C) the way to calculate the impact of open market operations on foreign exchange reserves. D) equal to total reserves divided by total deposits.
The above figure shows a graph of the market for pizzas in a large town. What are the equilibrium price and quantity?
A) p = 8, Q = 60 B) p = 7, Q = 40 C) p = 7, Q = 70 D) p = 10, Q = 40
The monetary base:
a. Includes currency in circulation, checking accounts, and near money. b. Includes currency in circulation, checking accounts, and near money. c. Includes currency in circulation, cash in the vaults of financial intermediaries (e.g., banks), and deposits of financial intermediaries at the central bank. d. Is equal to currency in circulation. e. Includes all liquid assets in a nation that can be spent
During George W. Bush's presidency
A. the job market was quite robust. B. The United States' federal budget deficit hit a record high. C. the federal budget surpluses in the last years of the Clinton presidency continued. D. we experienced a very high inflation rate.