A simplified representation of a complicated situation is:
A. cutting corners.
B. a model.
C. useless without adding fine details.
D. econometrics.
B. a model.
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The Pension Benefit Guarantee Corporation performs a role similar to that of
A) the Federal Reserve System. B) the Comptroller of the Currency. C) the FDIC. D) the Office of Thrift Supervision.
The effective exchange rate:
a. Is a measure of the weighted-average value of a nation's currency in terms of a basket of other currencies. b. Is needed to translate prices of one currency into prices of another currency. c. Reflects the price of one currency in terms of another currency. d. Takes historic inflation rates into account.
Refer to the World View article titled "North Korea's Food Shortage Grows." On a production possibilities curve between private and public goods, a decrease in military spending in an effort to increase food production could be represented as
A. A shift outward of the production possibilities curve. B. A movement along the production possibilities curve toward more public goods. C. A movement along the production possibilities curve toward more private goods. D. A shift inward of the production possibilities curve.
For endangered species, the federal government
A. has the right to regulate activities on private land to save the species from extinction. B. will capture a pair of animals so that the species does not become extinct. C. can only protect the animal on federal property because of common property issues. D. turns over the protection of an endangered species to the state authorities where the species lives.