Instead of Conducting Laboratory Experiments to Generate Data to Test

question 236

Multiple Choice

Instead of conducting laboratory experiments to generate data to test their theories,economists often

• A)ask winners of the Nobel Prize in Economics to evaluate their theories.
• B)argue that data is impossible to collect in economics.
• C)gather data from historical episodes of economic change.
• D)assume that data would support their theories.

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Definitions:

Bureau of Labor Statistics

A U.S. government agency responsible for collecting and analyzing economic data, particularly labor market activity, working conditions, and price changes.

Labor Force

The total number of people employed and unemployed but seeking employment within an economy.

Labor Force

The total number of people, including both the employed and the unemployed, who are actively looking for work.

Unemployment

The condition of being jobless among individuals who are actively seeking work. It is a key indicator of economic health, measured by the unemployment rate.