What distinguishes economists from other scientists?
A. Economists see the world through a lens of incentives; other scientists focus on other aspects of the world.
B. Economists focus more on policy issues compared with other scientists.
C. Economists use models; other scientists build scaled-down replicas of what they are studying.
D. Economists use regression models; other scientists use only correlations among variables.
Answer: A
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In the decade of the ________, A.W. Phillips plotted data for Great Britain which revealed a relationship between rates of changes in wages versus unemployment rates
Economists later discovered other "Phillips Curve" relationships between rates of inflation versus unemployment rates. A) 1930s B) 1940s C) 1950s D) 1960s
In a closed economy, a decrease in the money supply will
A) shift the aggregate demand schedule to the left. B) shift the aggregate supply schedule to the right. C) shift the IS curve to the left. D) shift the LM curve to the right.