Answer the following statement(s) true (T) or false (F)
1. Theories and models make unrealistic assumptions.
2. An economic hypothesis makes a summary of behavior.
3. Empirical analysis is the use of data to test a hypothesis.
4. Looking at the behaviors of a large group allows economists to discern general patterns of actions.
1. True
2. False
3. True
4. True
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The reference base period that the BLS uses to measure the CPI is
A) 1998-2000. B) 2005. C) 1967-1969. D) 1982-1984. E) 1993-1995.
Between 2000 and 2015, advances in PC production technology increased the supply of PCs sharply. The demand for PCs also increased, but not nearly as much as the supply did
As a result, the price of a PC ________ and the quantity of PCs sold ________. A) rose; decreased B) rose; increased C) fell; decreased D) fell; increased
The relative price of a good is that price
A. expressed in constant 2020 dollars. B. that is equal to the equilibrium price. C. expressed in today's dollars. D. expressed in terms of the price of another good.
The quantity theory of money was derived from the quantity equation by asserting that
A) real output was fixed. B) the money supply was fixed. C) the velocity of money was fixed. D) the velocity of money was zero.