A map is an example of a model because a map
A) realistically describes an area.
B) is always as complex as space will permit.
C) is two-dimensional.
D) is a simplified representation of reality.
D
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How do markets provide for an efficient allocation of scarce resources?
What will be an ideal response?
An MPC value of less than 1.0 indicates that as income increases consumption
A. also increases, and by more than the increase in income. B. will go in the opposite direction and decrease. C. also increases, though not as much as income. D. also increases, and at the same rate as the increase in income.
In a business cycle, the period following a trough is called an expansion.
Answer the following statement true (T) or false (F)
Net exports are
A. exports minus debt. B. exports minus imports. C. exports minus marginal product. D. exports divided by population.