A model refers to:
A) a perfect replica of reality.
B) a simplified description, or representation, of reality.
C) facts, measurements, or statistics that describe the world.
D) a set of facts established by observation and measurement.
B
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Unemployment typically ________ during a recession.
A. remains constant B. only exist C. rises D. falls
In the perfectly competitive market, individual firms exert no effect on the market price. Therefore, the firm's marginal revenue is:
A. zero. B. an upward-sloping curve. C. a downward-sloping curve. D. the same as the firm's demand curve.
Economic studies conducted in industrially advanced countries suggest there is:
A. A positive relationship between the degree of independence of the central bank and the size of the average annual rate of inflation B. An inverse relationship between the degree of independence of the central bank and the size of the average annual rate of inflation C. No relationship between the degree of independence of the central bank and the size of the average annual rate of inflation D. A positive relationship between the degree of independence of the central bank and the size of the central bank
The federal funds rate is the interest rate charged when
A. The Fed lends to individuals. B. One bank lends reserves to another bank. C. Individual banks lend to the Fed. D. The Fed lends to banks.