A ________ is a simplified representation of a problem that captures the essential issues.
A. hypothesis
B. precept
C. model
D. theorem
Answer: C
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In the above figure, suppose the economy is initially at point a. If the nominal interest rate increases, there is a movement to point such as
A) b. B) c. C) d. D) e.
Nearly half of federal government research and development spending takes place in the
a. National Science Foundation.
b. National Aeronautics and Space Administration (NASA).
c. Department of Defense.
d. Federal Office of Technology Policy.
At the unemployment rate consistent with full employment there is only:
A. demand-deficient unemployment. B. cyclical and frictional unemployment. C. frictional and structural unemployment. D. cyclical unemployment.
When many substitutes exist for a good, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) perfectly unit-elastic.