Step one in the scientific method is
a. formulate a hypothesis
b. reflect an opinion
c. specify assumptions
d. identify the question and define relevant variables
e. test the hypothesis
D
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If the marginal propensity to consume is 0.6, what is the long-run expenditure multiplier?
a. 0.0 b. 2.0 c. 2.5 d. 10.0 e. 1.0
Which of the following statements best describes the political control of the Federal Reserve?
a. Policy decisions of the Fed do not require congressional approval, and the president cannot ask for the resignation of a Federal Reserve governor as the president can with cabinet positions. b. Policy decisions of the Fed require congressional approval, but the president cannot ask for the resignation of a Federal Reserve governor as the president can with cabinet positions. c. Policy decisions of the Fed do not require congressional approval, and the president can ask for the resignation of a Federal Reserve governor as the president can with cabinet positions. d. Policy decisions of the Fed require congressional approval, and the president can ask for the resignation of a Federal Reserve governor as the president can with cabinet positions.