To abstract from reality in an economic model means that
a. we include only a few of the essential aspects of reality
b. the economic study surveys only a very limited period of time
c. we include only those elements that support our hypothesis
d. the model includes every aspect of the real world
e. the model examines the actions of consumers in the absence of producers and the government
A
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Participation in Part B of Medicare is
a. applicable to supplemental hospital payments. b. applicable to nursing home stays c. voluntary. d. involuntary. e. none of the above.
During the first phase of regulation in the United States (from 1887 to the Great Depression), the primary target of regulation was the:
a. labor unions. b. communication industry. c. food and drug industries. d. railroads.
If the U.S. inflation rate is 3 percent annually and the Japanese inflation rate is 1 percent annually, by what percent would the dollar price of the yen need to change according to purchasing power parity?
a. Appreciate by 2 percent b. Appreciate by 1 percent c. Depreciate by 2 percent d. Appreciate by 3 percent e. Depreciate by 1 percent
Which program provides assistance to the aged, blind and disabled?
A. Supplemental Security Income program B. TANF C. Social Security Program D. Earned Income Tax Credit