What is meant by the term "scientific method"? What are the key components of the scientific method?
What will be an ideal response?
The scientific method is the name for the ongoing process that economists, social scientists, and natural scientists use to develop models of the world and test those models with data. The key components of the scientific method are:
a) Models: A simplified description, or representation, of reality.
b) Data: Facts, measurements, or statistics that describe the world.
c) Empirical evidence: A set of facts established by observation and measurement.
d) Hypothesis: Predictions that can be tested with data.
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The above table has data from the nation of Atlantica. Based on these data, autonomous consumption is
A) $5.8 trillion. B) $1.8 trillion. C) $2.6 trillion. D) $3.2 trillion. E) $4.0 trillion.
In what way may the Fed have contributed to the housing bubble?
A. By inflating housing prices in the early 2000s B. By investing heavily in mortgage-backed securities C. By making credit cheaper with a low Federal funds rate D. By causing unemployment with low money supply growth