"Letting the data speak" in economics refers to:
A. collecting and analyzing data with econometric tools.
B. using only deductive reasoning.
C. using a layperson's terms in publications to explain your findings.
D. focusing only on the heuristic model.
Answer: A
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A firm will shut down in the short run if its revenues fail to cover its
a. fixed costs. b. variable costs. c. total costs. d. sunk costs.
The struggle among various producers for the consumer's business called ____________ .
a. socialism b. competition c. incentive d. self-regulation
The multiplier effect occurs because
A. as saving levels increase, a greater pool of loanable funds is available for investment spending by businesses. B. increases in income cause a chain reaction of spending by many businesses and individuals. C. increases in income cause tax revenues to increase, thereby stimulating increases in government spending levels. D. businesses copy the spending decisions of their competitors. E. households tend to spend any increase in income.
A bank has $2 million in checkable deposits. In the bank's balance sheet, this would be an example of:
A. net worth. B. an asset. C. capital stock. D. a liability.