Empirical economics refers to the
A. exclusion of irrelevant data when analyzing a model.
B. belief that what is true for a part is necessarily true for the whole.
C. model of economics used prior to the Industrial Revolution.
D. collection and use of data to test economic theories.
Answer: D
You might also like to view...
A rent ceiling
A) increases the quantity of rental units supplied. B) cannot change the market price. C) set above equilibrium price has no effect. D) generally aims at insuring that landlords receive a higher rent than would otherwise be the case.
Which of the following will cause a movement along the demand curve for shoes?
A. an increase in the price of socks B. an increase in the price of shoes C. an increase in income D. all of these
Refer to the above figure. The point at which saving equals zero is
A) only at point A. B) to the left of point B. C) only at point B. D) to the right of point B.
If people did not deposit their money in banks, banks would
a. not be affected because banks do not rely on deposits to make loans b. have unused excess reserves that earn them no interest c. be able to expand the money supply by more than the money multiplier indicates d. disappear because they would have no deposits and could make no loans e. not be able to find new borrowers thus restricting their banking activity