Being able to find stable patterns in data means that empirical models can be labeled as:
A. traditional models.
B. pattern-finding models.
C. heuristic models.
D. butterfly effect models.
Answer: B
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The income multiplier is 5 when the marginal propensity to consume is 0.8 for an economy
Indicate whether the statement is true or false
Senator Smith proposes that the income tax structure be revised to have two tax rates. The first, 16 percent, applies to persons whose income is between $0 and $40,000 a year. The second, 23 percent, applies to persons whose income is more than $40,000 a year. This is a
A) regressive income tax structure. B) proportional income tax structure. C) progressive income tax structure. D) cyclical income tax structure.
A market in which finished goods and services are exchanged is a:
a) Product market. b) Financial market. c) Intermediate-goods market. d) Factor market.
The summary of the flows of goods, services, assets, and currency in and out of a country in a particular year is the ________________________.
Fill in the blank(s) with the appropriate word(s).