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how might an economist gather empirical data to test the proposed relationship between money and the price level?economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy.an economist would persuade the federal reserve to change the money supply to various levels, and observe the resulting changes in the price level.unlike researchers in the hard sciences, economists cannot study complex relationships using data.an economist would look for data on past changes in the money supply and note the resulting changes in the price level.

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ogorwyne

The way that the economist would be able to gather empirical data would be that An economist would look for data on past changes in the money supply, and note the resulting changes in the price level.

What is meant by the empirical data?

The empirical data can be described as the data that is gotten through the research that is being conducted. This is the information that would come through the use of research methods in the accuracy and the quality of the given data.

Hence we can say that The way that the economist would be able to gather empirical data would be that An economist would look for data on past changes in the money supply, and note the resulting changes in the price level.

Read more on empirical data here: https://brainly.com/question/15880833

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