Which of the following statements is true of data?
A) Anecdotes work as good substitutes for data.
B) Data help in verifying causal relationships.
C) Data are not important to evaluate theories.
D) The less the available data, the better the analysis.
B
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The Bureau of Economic Analysis calculates the PCE deflator ________
A) every month B) every two months C) every three months D) every year E) twice each month
Brett, who is a chef, divides his time between fishing and cooking meals. His production set is described by the equation , where is the number of salmon he catches and y the number of meals he cooks. If Brett catches 5 salmon and cooks 2 meals,
a. he is overusing his resources. b. the result is economically efficient. c. the result is economically inefficient. d. he is achieving the best possible outcome.