Which of the following is an accurate list, in order, of the steps of the scientific process?
a. define variables; state assumptions; form a hypothesis; test
b. state assumptions; define variables; form a hypothesis; test
c. identify variables; state assumptions; test; form a hypothesis
d. identify variables; form "other things equal" assumptions; form behavioral assumptions; test
e. form "other things equal" assumptions; form behavioral assumptions; form hypothesis; test
A
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The phenomenon which occurs when markets do not produce the most efficient outcome on their own is known as
A) market failure. B) imperfect information. C) economic certainty. D) public goods.
In the above figure, suppose the economy is initially on the demand for money curve MD1. What is the effect of a rise in the nominal interest rate?
A) The demand for money curve would shift rightward to MD2. B) The demand for money curve would shift leftward to MD0. C) There would be a movement upward along the demand for money curve MD1. D) There would be a movement downward along the demand for money curve MD1.