Experimental economics:
A. is not possible given that economists study real-world events.
B. is what all economists do when they develop their models.
C. creates its own data rather than using data from the real world.
D. includes naturally occurring events that approximates a controlled experiment.
Answer: C
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Economic freedom provides the
A) political system that encourages democracy. B) necessary alternative to free markets. C) social system that supports families. D) incentive system that encourages growth-producing activities. E) production system that discourages property rights.
From an initial IS-LM equilibrium with a normally-sloped IS curve and a vertical LM curve, the money supply increases. A the new IS-LM equilibrium we have
A) higher income and a lower interest rate. B) higher income and an unchanged interest rate. C) an unchanged income and a lower interest rate. D) lower income and an unchanged interest rate. E) an unchanged income and a higher interest rate.
Labor productivity is normally measured by
What will be an ideal response?
For a hotdog vendor, the hotdog buns represents his
A) fixed input. B) variable input. C) sunk cost. D) none of the above.