The application of statistical methods to empirical questions in economics is known as
A. positive economic analysis.
B. normative economic analysis.
C. the scientific method.
D. econometrics.
D. econometrics.
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Which of the following is part of M2?
A) checks B) credit cards C) currency held inside a bank D) none of these are part of M1 or M2
Between 1945 and 1950, the U.S. price level rose by one-third. This increase was complemented by which of the following?
(a) An increase in nominal and real GDP (b) An increase in nominal GDP but a decrease in real GDP (c) An increase in real GDP but a decrease in nominal GDP (d) Stable nominal and real GDP
The higher a country's tax rates, the more likely that country will be
a. at the top of the Laffer curve. b. on the positively sloped part of the Laffer curve. c. on the negatively sloped part of the Laffer curve. d. experiencing small deadweight losses.
Which of the following is not a major function of the Federal Reserve System?
A) lender of last resort B) clearing checks between banks C) setting income tax rates D) controlling the money supply