Which of the following is an accurate list, in order, of the steps of the scientific process?
a. define variables; state assumptions; form a hypothesis; test
b. state assumptions; define variables; form a hypothesis; test
c. identify variables; state assumptions; test; form a hypothesis
d. identify variables; form "other things equal" assumptions; form behavioral assumptions; test
e. form "other things equal" assumptions; form behavioral assumptions; form hypothesis; test
A
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Which of the following questions have a macroeconomic focus?
A) How does a consumer choose which goods to consume given his/her income? B) How does demand for a good change when there is an increase in a consumer's income? C) How does a monopolist decide how much to produce? D) What is the unemployment rate in your country?
Which of the following statements is true? a. Federal budget deficits became progressively smaller during the 1990s and turned into a surplus by 1998
b. Federal spending declined relative to GDP, while federal revenues rose relative to GDP during the 1980s. c. Functional finance says that policy makers should be concerned less with the economy's potential output and more with balancing the budget annually. d. A disadvantage of functional finance is that it increases the level of unemployment during recessions. e. A disadvantage of annual financed budget is that it dampens swings in the business cycle without increasing the national debt.
Which of the following is most likely to result in a temporary spurt in the growth of real output that cannot be maintained in the long run?
a. an anticipated increase in aggregate demand b. an unanticipated increase in aggregate demand c. an increase in long-run aggregate supply (LRAS) d. an increase in resource prices relative to product prices
According to the? input-substitution effect, an increase in the wage ? increases decreases the quantity of labor per unit of ? output input ?, so the quantity of labor demanded ? decreases increases .
According to the? input-substitution effect,
an increasean increase
in the wage
?
increases
decreases
the quantity of labor per unit of
?
output
input
, so the quantity of labor demanded
?
decreases
increases
.