The collection and use of data to test economic theories is called empirical economics.
Answer the following statement true (T) or false (F)
True
You might also like to view...
The observation that the money supply is procyclical and leading the level of aggregate economic theory is most closely associated with
A) Lucas and Friedman. B) Friedman and Schwartz. C) Kydland and Prescott. D) David Runkle.
As output expands, the slope of the average total cost curve
a. stays negative throughout b. stays positive throughout c. is first negative and then positive d. is first positive and then negative e. is constant
Which of the following is a major macroeconomic goal?
a. Low prices b. Fair prices c. Pure competition d. Low unemployment e. High prices
The cyclically adjusted deficit as a percentage of GDP is 2 percent in year 1. This deficit becomes 3 percent of GDP in year 2. It can be concluded from year 1 to year 2 that:
A. fiscal policy was contractionary. B. the federal government is decreasing spending. C. the federal government is increasing taxes. D. fiscal policy was expansionary.