How are economists not like mathematicians, physicists, and biologists?
a. They devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories.
b. They use models to represent the real world.
c. They try to address their subject with a scientist's objectivity.
d. They cannot run lab experiments in the same way that other scientists can.
Answer: d. They cannot run lab experiments in the same way that other scientists can.
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In the short run, when the Fed increases the federal funds rate,
A) the real interest rate rises and investment does not change. B) the real interest rate is unaffected but investment still decreases. C) the real interest rate rises and investment decreases. D) there is no effect on investment because investment depends on the real interest rate. E) the real interest rate falls and investment increases.
Leontief found that
A) U.S. exports are capital intensive relative to U.S. imports. B) U.S. imports are labor intensive relative to U.S. exports. C) U.S. exports are neither labor nor capital intensive. D) None of the above.
Imagine that you are a member of the Board of Governors of the Federal Reserve. If the economy is experiencing rapid inflation, what actions might you advocate? Why?
According to Olson the stationary bandit will be interested in growth and welfare:
a. True b. False