Which of the following is one of the quickest and least costly ways to conduct exploratory research in economics?

• A. Conducting a literature review
• B. Running a large-scale field experiment
• C. Administering nationwide surveys
• D. Building complex econometric models

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the purpose of exploratory research in economics, which is to gather preliminary information and insights to help define problems and suggest hypotheses for further study.
2. Step 2: Recognize that exploratory research methods should be quick and cost-effective, focusing on gathering existing information rather than collecting new data.
3. Step 3: Evaluate the options given: running large-scale field experiments, administering nationwide surveys, building complex econometric models, and conducting a literature review.
4. Step 4: Note that large-scale experiments, nationwide surveys, and complex models typically require significant time, resources, and costs, making them less suitable for quick exploratory research.
5. Step 5: Conclude that conducting a literature review is the quickest and least costly method because it involves analyzing existing studies and data to gain insights without the need for new data collection.