Albert Einstein once made the following observation about science:
a. "The whole of science is nothing more than the refinement of everyday thinking."
b. "The whole of science is nothing more than an interesting intellectual exercise."
c. "In order to understand science, one must rely solely on abstraction."
d. "In order to understand science, one must transcend everyday thinking."
a
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After researching the effectiveness of child safety seats in reducing the accident death rate of children ages one to four, economist Steven Levitt found that
A) for children under age four, safety seats are safer than any alternative. B) for children under age two, safety seats are safer than any alternative, but beyond age two, they provide no appreciable benefit over standard car seat belts. C) safety seats are actually more dangerous than standard car seat belts for children of any age. D) safety seats provide no appreciable benefit over standard car seat belts for children of any age.
ARCH and GARCH models are estimated using the
A) OLS estimation method. B) the method of maximum likelihood. C) DOLS estimation method. D) VAR specification.
The cost to firms of changing prices
A) is small even when there is rapid inflation. B) is called a menu cost. C) does not exist if inflation is perfectly anticipated. D) all of the above
If the inflation rate in 2013 was 2.5 percent, and because of that people expect the inflation rate in 2014 will also be 2.5%, these people are said to have
A) rational expectations. B) expectations of stagflation. C) adaptive expectations. D) expectations of supply shocks.