Economic models come in the form of
a. three-dimensional objects
b. all of the following
c. words
d. diagrams
e. mathematical equations
B
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Which of the following will change the position of the IS curve?
A) An increase planned investment spending B) An increase in interest rates C) An increase in money demand D) An increase in the money supply
The market basket that is used by the Bureau of Labor Statistics to calculate prices is made up of which of the following?
(A) Food items only. (B) Typical goods and services for an urban household. (C) Nonfood items only. (D) Food and necessary services for any family.
Of what use is national income accounting to economists and to policy makers?
What will be an ideal response?
In monopolistic competition, a firm
A. Uses nonprice competition. B. Uses marginal cost pricing. C. Has no market power. D. Faces a horizontal demand curve.