Scientists Appeal Not Only to Observed Facts but Also to

question 37

Multiple Choice

Scientists appeal not only to observed facts but also to

• A)the two-world hypothesis.
• B)hypotheses and theories.
• C)matters of fact.
• D)truths of reason.

Understand the impact of disparities between expected and actual price levels on the economy.

Comprehend how inflation affects nominal and real wages.

Identify the types of unemployment present when an economy is at its potential output level.

Analyze the effect of wage and price level changes on the potential output.

---

Definitions:

Railway Labor Act

A United States federal law that was originally enacted in 1926 to replace the existing dispute resolution mechanisms in the railway industry with a more effective and formal process.

National Industrial Recovery

A component of the U.S. New Deal in the 1930s aimed at stabilizing and reviving the economy by regulating industry, labor standards, and encouraging collective bargaining.

Agrarian Society

A community whose economy is based on producing and maintaining crops and farmland.

Self-employed Farmers

Individuals who operate their own agricultural enterprises, producing crops or raising livestock, without being employed by another entity.