Economic models are used by economists to
A. Develop economic policies.
B. Explain economic behavior.
C. Predict economic behavior.
D. All of the choices are correct.
Answer: D
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One of the outcomes of the Uruguay Round is the formation of the World Trade Organization now sets new trade rules and has more power than the old GATT to enforce the rules it sets
Indicate whether the statement is true or false
The Celler-Kefauver Act of 1950 amended the:
a. Sherman Act b. Clayton Act. c. Federal Trade Commission Act. d. Wagner Act.
Which of the following would a permanent increase in the growth rate of the money supply change permanently?
a. inflation b. unemployment c. both inflation and unemployment d. neither inflation nor unemployment
Consumer goods that are produced, go into inventory, and are not sold during the current period are
a. counted as intermediate goods and so are not included in current period GDP. b. counted in current period GDP only if the firm that produced them sells them to another firm. c. included in current period GDP as inventory investment. d. included in current period GDP as consumption.