The scientific method refers to the process by which economists and other scientists:
A) plot graphs to illustrate relationships between different economic variables.
B) develop models of the world and test those models with data.
C) develop models to explain the past but not to predict the future.
D) collect data for further use in research.
B
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Frictional unemployment increases when
A) real GDP decreases and the unemployment rate rises. B) the number of workers who quit one job to find another increases. C) discouraged workers drop out of the work force. D) workers are replaced by machines and the unemployed workers do not have the skills to perform new jobs.
The value of money rises as the price level
a. rises, because the number of dollars needed to buy a representative basket of goods rises. b. rises, because the number of dollars needed to buy a representative basket of goods falls. c. falls, because the number of dollars needed to buy a representative basket of goods rises. d. falls, because the number of dollars needed to buy a representative basket of goods falls.
Externalities can be positive, as well as negative.
A. True B. False C. Uncertain
The more bowed the Lorenz curve, the
A) richer the society. B) more unequal the distribution of money income. C) poorer the society. D) more equal the distribution of income.