The scientific method is:
A. not applicable to economics because economics deals with human beings.
B. also known as the economic perspective.
C. analysis that moves from broad generalizations called laws to theories and then to
hypotheses.
D. used by economists and other social scientists, as well as by physical scientists and life
scientists, to formulate and test hypotheses.
Answer: D
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Primary assets held by the Federal Reserve are
a. loans to commercial banks. b. U.S. government securities. c. Federal Reserve notes. d. reserve deposits by banks.
Railroads have received significant attention from regulators because
a. railroads enjoy significant economies of scale. b. conditions in the railroad industry are conducive to destructive competition. c. regulators would like to ensure universal service to all potential railroad customers. d. All of the above are correct.
Every ____________ the U.S. government surveys ______________ of households to gather information about the number of Americans unemployed
A) month; millions B) week; millions C) week; thousands D) month; thousands
If a country with high unemployment, a balance of payments deficit, and fixed exchange rates decides to abandon its fixed exchange rate and allow its exchange rate to float, which among the following will be a probable effect?
A. Its currency will appreciate, decreasing international competitiveness and leading to a worsening of the current account. B. Its currency will depreciate, decreasing international competitiveness and leading to an improvement in the current account. C. Its currency will appreciate, increasing international competitiveness and leading to an improvement in the current account. D. Its currency will depreciate, increasing international competitiveness and leading to an improvement in the current account.