Economics is a science that:
a. typically uses controlled experiments to learn about consumer and firm behavior
b. uses models that cannot be tested empirically due to the complex nature of the economy.
c. explores how choices are made between conflicting wants and desires in a world of scarcity.
d. relies entirely upon normative analysis.
c
Economics
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The Fed, when operating efficiently, is able to control both the money supply and the interest rate at the same time
Indicate whether the statement is true or false
Economics
Macroeconomics is the study of
A) aggregate economic variables. B) output in particular industries. C) prices in particular industries. D) all of the above.
Economics