Facts, measurements, or statistics that describe the world are referred to as:
A) data.
B) models.
C) hypothesis.
D) empiricism.
A
Economics
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If the MPC is 0.9, and the government cuts spending by $200b, the overall effect on GDP will be:
A. an increase of $2,000b. B. an increase of $180b. C. a decrease of $1,800b. D. a decrease of $2,000b.
Economics
The decision about whether to change prices frequently or infrequently is an application of the:
A. cost-benefit principle. B. scarcity principle. C. principle of increasing opportunity cost. D. principle of comparative advantage.
Economics