People who reject all theories because they prefer to rely on experience
A) actually rely on unrecognized theories.
B) don't know any theories and are trying to cover up their ignorance.
C) tend to accomplish more but also to make more mistakes.
D) tend to make fewer mistakes but also to accomplish less.
E) value science more than theory.
A
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Since 1970, as a percent of GDP, M1 held has steadily decreased. Which of the following can account for this fact?
A) Real GDP has increased since 1970. B) The price level has risen since 1970. C) The nominal interest rate has steadily risen since 1970. D) The nominal interest rate has steadily fallen since 1970. E) Credit cards have become more widely available since 1970.
The 1991 Maastricht Treaty can be best described as
A) a peace treaty between Europe and the United States. B) an agreement for the accession of the Netherlands into the EU. C) an agreement for the creation of a free trade area. D) a provision for the introduction of a single European currency and European central bank. E) the beginning of a floating exchange rate European monetary system.