Which of the following most likely describes economics?
a. Economics is not a form of moral instruction.
b. Economics is a form of moral instruction.
c. Economics seeks to describe economic behavior as it should exist.
d. Economics does not seek to describe behavior.
a. Economics is not a form of moral instruction.
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Suppose the federal government had budget deficits of $40 billion in year 1 and $50 billion in year 2 but had budget surpluses of $20 billion in year 3 and $50 billion in year 4. Also assume that it used its budget surpluses to pay down the public debt. At the end of these four years, the federal government's public debt would have
A. decreased by $70 billion. B. decreased by $20 billion. C. increased by $90 billion. D. increased by $20 billion.
What is meant by the term "omitted variable" in correlation analysis? Explain with an example
What will be an ideal response?
Charging "what the traffic will bear" was a tactic commonly pursued by American railroads before they were subjected to regulation
Indicate whether the statement is true or false
A reduction the amount of oil (a resource) will tend to cause which of the following?
A) a reduction in output and a reduction in the price level B) a reduction in output with no change in the price level C) a reduction in output and an increase in the price level D) an increase in the price level and no change in output if accompanied by an increase in the money supply