Which of the following is the first step in empirical economic analysis?
A. Collection of data
B. Statement of hypotheses
C. Specification of an econometric model
D. Testing of hypotheses
Answer: C
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Which of the following statements is true of growth in the U.S. economy from 1950 to 2007?
A) Growth resulting from physical capital > growth resulting from technology > growth resulting from human capital B) Growth resulting from technology > growth resulting from physical capital > growth resulting from human capital C) Growth resulting from human capital > growth resulting from technology > growth resulting from physical capital D) Growth resulting from technology > growth resulting from human capital > growth resulting from physical capital
What are three policy options for dealing with pure monopolies that are entrenched and inefficient?
What will be an ideal response?
Demand is a schedule that shows
A. how much income it takes to afford various quantities of a good. B. a set of possible prices for a good and the quantities of the good that will be purchased at each of those prices. C. the relationship between the cost of producing a good and the price that sellers will charge. D. how population changes will affect the amount of a good that is needed.
The mistake of inferring causality from ________ is called the post hoc, ergo propter hoc fallacy.
A. two events happening one after the other B. two or more unrelated events occurring at the same time C. the same event occurring multiple times D. two or more related events occurring at the same time