According to New Classical Economists Who Adhere to the Policy

question 6

Multiple Choice

According to new classical economists who adhere to the policy irrelevance proposition,

• A)monetary policy can effectively reduce the rate of unemployment in the short run.
• B)workers are not rational in the long run.
• C)the Phillips curve actually slopes upward,not downward as traditionally assumed.
• D)expansionary monetary policy will only lead to a higher rate of inflation in the long run.

Recognize the ethical considerations and aims behind collecting data in different fields (health, education, consumer behavior).

Appreciate the relevance of accurately interpreting research results and statistics to avoid becoming misrepresented "statistics".

Identify and classify different types of data (categorical and quantitative).

Understand the concept of measurement scales (nominal, ordinal, interval, ratio) and apply them to real-world data.

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Definitions:

Health

A state of complete physical, mental, and social well-being, not merely the absence of disease or infirmity.

Education

The systematic process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits.

Industrial Policy

Governmental initiatives aimed at improving the competitive stance and capabilities of domestic industries and encouraging economic development.

Economic Development

The process by which a nation improves the economic, political, and social well-being of its people.