An approach to economics that applies statistical techniques and data to economic problems is called
A. laissez-faire economics.
B. empirical economics.
C. normative economics.
D. Ockham's razor.
Answer: B
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If there is a decrease in demand for lettuce, we would expect:
a. both the price and quantity sold to increase. b. both the price and quantity sold to decrease. c. the price to decrease and the quantity sold to increase. d. the price to increase and the quantity sold to decrease.
Which of the following could be an institutional barrier to employment?
a. all of the above b. minimum wages c. labor unions d. licensing requirements
Governments have to rely on taxes for financing because
A) they cannot borrow unlimited amounts. B) they usually spend all of the gold reserves. C) it is easier to collect taxes than to print money. D) they are not allowed to sell bonds.
A bank has checkable deposits of $1,000,000, loans of $600,000, and government securities of $400,000. If the required reserve ratio is 5 percent, the amount of required reserves is
A) $100,000. B) $30,000. C) $50,000. D) $80,000. E) $20,000.