The process of developing hypotheses, testing them against facts, and using the results to construct theories is called:
A. opportunity cost calculation.
B. microeconomics.
C. marginal analysis.
D. the scientific method.
Answer: D
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An increase in government spending that is not financed by an increase in taxes will cause which of the following?
A) an increase in interest rates and an increase in planned investment B) an increase in interest rates and a reduction in planned investment C) a reduction in interest rates and an increase in planned investment D) a reduction in interest rates and a reduction in planned investment
Contrast the Keynesian and Monetarist views on the effectiveness of fiscal policy
If the current unemployment rate is less than the natural unemployment rate, then the economy is
A) in long-run equilibrium. B) in an inflationary gap. C) in a recessionary gap. D) producing at full employment. E) b and d
In Econland population and average labor productivity are constant. If a larger proportion of the population becomes employed workers, then total output will ________ and output per person will ________.
A. increase; increase B. decrease; remain constant C. decrease; decrease D. remain constant; remain constant