Macroeconomists Are Like Scientists Because They Both

question 20

Multiple Choice

Macroeconomists are like scientists because they both:

• A) design data and conduct controlled experiments to test their theories.
• B) rely on data analyzed from experiments they set up in a laboratory.
• C) are unlimited in their use of controlled experiments.
• D) collect data, develop hypotheses, and analyze the results.

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Definitions:

Dawes Plan

An economic plan devised in 1924 to solve the problem of World War I reparations that Germany had to pay, which aimed to reduce the reparations amount and reorganize the Reichsbank, while also securing loans from the United States to Germany.

Reparations Payments

Reparations payments are compensations made by a defeated country after a war to the victors or to civilians who suffered losses, as a way of acknowledging damages and responsibility for the conflict.

German Repayment

Refers to Germany's obligation to pay reparations for damages and costs associated with World War I and II.

Consumer Society

A society characterized by the extensive buying and selling of goods and services, where the economy and culture are focused on consumer needs, desires, and spending habits.