An economic model is
A) a generalization that summarizes all the normative assumptions we make about a particular issue.
B) a description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand.
C) a statement that describes how the world should be.
D) a collection of facts that describe the real world.
B
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In the early 1800s, ______________ developed a plan for the federal government's involvement in building transportation infrastructure such as canals and roads
a. Albert Gallatin b. Robert Fulton c. Thomas Jefferson d. Alexander Hamilton
A monopolist can charge whatever price it wants and can therefore reap phenomenal profits
a. True b. False Indicate whether the statement is true or false
Recycling rates for aluminum, paper, and glass have been increasing in the United States
a. True b. False Indicate whether the statement is true or false
The major determinant of an individual's income is
a. how much she enjoys the work. b. how productive she is combined with demand for what she produces. c. whether or not her family is wealthy. d. how well she gets along with her co-workers and boss.