An experiment refers to:
A) a simplified representation of some real life phenomenon.
B) the process of collecting, measuring, and organizing data.
C) validating the claims of a model using statistics and facts.
D) a controlled method of investigating causal relationships among variables.
D
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According to the text, paper money probably first evolved from
A) the Federal Reserve. B) the early American savings and loan institutions. C) goldsmiths. D) the Bank of England.
The quantity theory asserts that real GDP is
A) not influenced by the quantity of money. B) never different from potential GDP. C) equal to nominal GDP multiplied by the quantity of money. D) equal to nominal GDP divided by the quantity of money.
Supply shows
a. the quantity offered for sale at every possible price. b. the quantity people will buy at every possible price. c. the changes in quantity. d. how price changes when people buy more.
The statement that "what this nation needs to promote economic growth is a major tax cut" is an example of:
a. Descriptive economics b. A normative economic statement c. An economic theory d. A positive economic statement