A systematic set of procedures through which knowledge is created is:
A) the economy.
B) the scientific method.
C) a market.
D) a model.
Ans: B) the scientific method.
You might also like to view...
The indifference curves in the figure above (I1, I2, and I3 ) reflect Peter's consumption preferences. Which of the following combinations of goods does Peter prefer the most?
A) 48 slices of pizza and 12 chocolate bars B) 24 slices of pizza and 24 chocolate bars C) 40 slices of pizza and 20 chocolate bars D) 32 slices of pizza and 8 chocolate bars
During the expansion phase of the business cycle, households become optimistic about their future earning capacity as do banks. Nominal interest rates rise during expansions. Mortgage lending could be expected to
A) rise if the change in future earnings is thought to be greater than the change in interest rates. B) stay the same. C) fall. D) fall if the change in future earnings is thought to be greater than the change in interest rates.
Large barriers to entry exist in which of the following market structures?
A. Perfect competition only B. Perfect competition and monopolistic competition C. Oligopoly and monopoly D. Monopoly only
Suppose the official unemployment rate is 10 percent. Which of the following is a definite conclusion to draw?
What will be an ideal response?